Refined Products








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North America

Oil & Gas Exploration

Pemex preparing Texas refinery for "big block" overhaul, sources claim

Pemex, Mexico's national oil company, is preparing for the "big block" overhaul at its 312,500-barrel-per-day (bpd) Deer Park, Texas, refinery to begin in early October, people familiar with plant operations said on Friday. Sources said that the 270,000 barrel-per-day (bpd) DU-2 crude distillation unit (CDU) at the refinery will be closed for the planned 60-day overhaul. Pemex did not respond to a comment request immediately. DU-2 converts crude oil to feedstocks that are used by most of the other refinery units. The sources say that the fluid catalytic unit (FCCU), the hydrocracking unit producing diesel (HCU) (70,000 bpd), and the...

Oil Refineries

Fuel demand worries raised by Chinese and US data cause oil to fall

Oil prices dropped on Friday, as concerns about fuel demand were heightened by the economic data coming out of the U.S., China and Russia. Brent crude futures dropped 39 cents or 0.58% to $66.45 per barrel at 0750 GMT. U.S. West Texas Intermediate Crude Futures fell 42 cents or 0.66% to $63.54. WTI and Brent are expected to fall 0.5% each for the week. Data released by the Chinese government on Friday revealed that factory output growth had fallen to its lowest level in eight months and retail sales were growing at their slowest rate since December. This weighed on...

Oil Refineries

After fire, Phillips 66 Bayway refinery gasoline unit offers reduced prices

Two people with knowledge of the situation said that Phillips 66 reduced the gasoline production at its 258,000 barrels per day Bayway refinery, located in Linden, New Jersey, after a fire broke out near the gasoline-producing unit. The sources claim that an ancillary unit of the refinery’s Fluid Catalytic cracking unit caught on fire, causing the production to be halted. The cause of fire was not immediately known. One source said that the refinery will resolve the problem in the next few days and resume full production. Phillips 66 didn't immediately respond to a comment request. Bayway is one of...

Energy Markets

Oil drops as IEA increases supply forecast and investors wait for US-Russian meeting

The oil prices dropped on Wednesday, after the IEA stated that supply has surpassed demand in this year. Investors were awaiting Friday's meeting of U.S. president Donald Trump with Russian President Vladimir Putin. Brent crude futures dropped 45 cents or 0.7% to $65.67 per barrel at 0831 GMT. U.S. West Texas Intermediate Crude futures were down 53 cents or 0.8%, at $62.64. On Tuesday, both contracts were settled at lower prices. Trump and Putin will meet in Alaska this Friday to discuss ending Russia’s war in Ukraine that has shaken the oil markets since 2022. In a recent note, PVM...

Oil & Gas

Report on the oil industry shows that US demand is slowing down

After falling the previous day, oil prices were unchanged on Wednesday. An industry report revealed that U.S. crude stocks grew last week, indicating the end of summer's seasonal demand is approaching. Brent crude futures rose 3 cents, to 66.15 per barrel at 0102 GMT. They had fallen 0.8% the previous session. U.S. West Texas Intermediate Crude Futures dropped 3 cents to 63.14, after a 1.2% decline. Market sources cited Tuesday figures from the American Petroleum Institute to report that crude oil inventories in the U.S. - the world's largest oil consumer - rose by 1,52 million barrels during the past...

Refined Products

Oil prices drop as the market awaits EIA Report

The oil prices fell on Tuesday, as traders awaited a short-term outlook report from the U.S. Government following a bullish OPEC report on supply and demand. Brent crude futures fell 20 cents or 0.3% to $66.43 per barrel at 10:36 AM CDT (1536 GMT). U.S. West Texas Intermediate Crude Futures fell by 39 cents or 0.61% to $63.51. Phil Flynn is a senior analyst with Price Futures Group. He said, "We are still in a range as we await the Energy Information Administration's report this morning." Flynn stated that traders were waiting to see if EIA's report would match up...

Refined Products

Reports of US-Russian deal cause oil prices to drop

The oil price fell on Friday, and was on track for its steepest weekly loss since late June. Reports of a deal Tariffs and the economic outlook between U.S. Brent crude futures fell 7 cents to $66.36 per barrel at 11:18 am ET (1518 GMT). U.S. West Texas Intermediate Crude Futures fell 21 cents or 0.3% to $63.67. Brent is on course to drop 4.8% this week, while WTI will finish the week 5.5% lower than Friday's closing price. Bloomberg News reported that Washington and Moscow were aiming to strike a deal in order to end the war in Ukraine....

Oil & Gas

Citgo parent shares sold at auction in the US to a bidder competing with its own

In a court filing, an officer in charge of the auction process for shares in Citgo Petroleum's parent company in the United States (owned by Venezuela) has revealed that a bidder had submitted a rival offer. The court was holding the auction to pay creditors who were owed money due from expropriations or defaults. Last month, a $7.4 billion offer by a group headed by a subsidiary owned by Canadian miner Gold Reserve, was recommended as the winner of the bidding process. However, the judge still has to decide whether or not to accept it after some creditors and competitors...

Oil & Gas

The oil market is set to suffer its steepest weekly loss since June due to tariffs that cloud the demand outlook

Investors expressed concerns about the impact of tariffs on the global economy, which went into effect on Thursday, on the oil prices. Brent crude futures fell three cents at 0050 GMT to $66.40 per barrel, and are on course to fall more than 4% from week to week. U.S. West Texas Intermediate Crude Futures fell six cents or 0.1% to $63.82 per barrel. They are expected to drop more than 5% weekly. The U.S. increased tariffs on a number of its trading partners. In a note, ANZ Bank analysts expressed concern that the tariffs would lead to a weaker economy,...

Refined Products

MP Materials Quarterly loss lower than expected due to higher rare earth production

MP Materials posted a smaller-than-expected second-quarter loss Thursday, as the U.S. rare earths miner benefited from higher production amid rising demand. After the bell, its shares rose over 12%. Stock has gained 356% this year up to the last close. The company, which operates the U.S.'s only rare earths mine at Mountain Pass in California, has been thrust into the spotlight by President Donald Trump as his administration intensifies efforts to increase domestic supplies to reduce dependency on China. Last month, the firm signed a multi-billion dollar deal with the U.S. Government to increase production of rare earth magnets. These...

Oil Storage

Oil prices rise 1% as US demand remains strong, but macroeconomic uncertainty persists

The oil price rose by 1% on Friday, ending a five-day decline, as the U.S. remained the world's largest oil consumer. However, uncertainty over the macroeconomic effects of U.S. Tariffs limited gains. Brent crude futures increased 62 cents or 0.9% to $67.51 per barrel at 0342 GMT, while U.S. West Texas intermediate crude rose 68 cents or 1.1% to $65.03 per barrel. After Donald Trump's comments about the progress of talks with Moscow, both benchmarks fell about 1% on Wednesday to their lowest levels in eight weeks. A White House official stated on Wednesday that Trump could meet Russian President...

Oil & Gas

Texas Pacific Land announces a rise in profit for the quarter on higher royalties

Texas Pacific Land announced a higher core profit for the second quarter on Wednesday as higher royalties revenues offset lower oil prices. The results are coming as the energy sector braces itself for the impact of U.S. president Donald Trump's proposed tariff plans that have weakened oil prices and caused concern about global demand. The company earns money from land usage fees, construction materials sales, water treatment or sourcing services, and oil and natural gas royalty interests. The total revenue for the second quarterly increased from $172.3 to $187.5 millions, largely due to a 6% increase in oil and natural...

Europe

Crude Oil

China still stores crude oil despite refinery run-up: Russell

China's refiners increased their processing rates in the month of July. However, strong crude oil imports from abroad and domestic production meant that there was still an excess of over half a million barrels a day (bpd). Calculations based on data from the official sources show that crude oil surplus in July dropped to 530,000 barrels per day (bpd) from 1.42million bpd. The key is that refiners will likely continue to add to their stockpiles despite the drop in oil surplus. This will allow them the ability to reduce imports if prices increase to levels they feel are not justified....

Oil Refineries

Shell announces that work on the Louisiana refinery gasoline unit will begin this Friday.

Shell confirmed a report on Thursday by confirming that the planned overhaul of its gasoline-producing unit, at Norco's 231,827 barrels per day refinery in Louisiana, would start on Friday. A leak in the 112,000 bpd unit of resid catalyst cracking caused it to be shut down. The planned overhaul that was scheduled to start in September would begin immediately. Shell Norco Energy and Chemicals Park is starting a planned turnaround maintenance on the resid catalyst cracking unit (RCCU), as well as other units, earlier than scheduled. Shell spokesperson Krista Edwards said in an email that work will start on Friday,...

Oil Refineries

Sources say that Indian refiners are looking at Russian oil, as the discounts on it have increased.

Three people familiar with the matter confirmed on Thursday that Indian state refiners are now contacting trading firms to inquire about purchasing Urals crude oil from Russia as the discounts have increased. This comes ahead of Friday's high-profile summit between U.S. leaders and Russian counterparts. Indian refiners, including Indian Oil Corp., Hindustan Petroleum Corp., Bharat Petroleum Corp. and Mangalore Refinery Petrochemical Ltd., halted their Russian oil purchases in the last month, as discounts shrank. State refiners in India, who account for 60% of the country's refining capacity of 5.2 million barrels of oil per day, purchase Russian oil delivered. Sources...

Western Europe

Middle East

Fossil Fuels

Oil drops on eased Russia supply concerns following Trump-Putin meeting

The oil prices fell on Monday, as the U.S. failed to exert further pressure on Russia in order to end the Ukraine conflict by implementing additional measures to disrupt Russian crude exports following the Friday meeting between the presidents of both countries. Brent crude futures fell 26 cents or 0.39% to $65.59 a bar by 0028 GMT, while U.S. West Texas intermediate crude was down 18 cents or 0.29% at $62.62 a bar. The U.S. president Donald Trump met with Russian President Vladimir Putin on Friday in Alaska and came away more aligned to Moscow regarding the need for a...

Oil & Gas Refining

Qatar reduces the October term price of al-Shaheen crude oil, according to sources

QatarEnergy lowered its term price for al-Shaheen oil loadings in October. It now stands at $2.52 per barrel, a dollar higher than the Dubai quotations, according to sources on Friday. This was a drop of 81 cents compared to the high of $3.33 per barrel in September for oil loading, which was a five-month-high. The price reduction followed a drop in spot premiums on Middle East crude this month. This was due to rising supply, as the Organization of the Petroleum Exporting Countries (OPEC+) and its allies continued their policy of increasing output to regain market share. Qatar sold al-Shaheen...

Energy Markets

Oil prices increase as Fed rates are cut and Trump-Putin negotiations loom.

Oil prices rose by about 1% Thursday, after U.S. president Donald Trump warned that "severe consequences would follow" if the talks he had with Russian President Vladimir Putin over Ukraine failed. Also, there were expectations of a U.S. rate cut coming up next month to spur oil demand. Interest rates are used by central banks like the U.S. Federal Reserve to control inflation. Lower interest rates can reduce borrowing costs for consumers and boost economic growth. Brent crude futures rose 87 cents or 1.3% to $66.50 a barrel at 10:53 a.m. (1453 GMT), whereas U.S. West Texas Intermediate crude (WTI)...

Crude Oil

Saudi Aramco second-quarter net profit drops 22% on lower revenue

Aramco, the Saudi Arabian oil giant, reported on Tuesday a 22% decline in its second-quarter profits, due mainly to lower revenues, and increased debt. The top oil exporter in the world reported a net loss of $22.7 billion for the three-month period ended June 30. This was below a median estimate of $23.7 billion provided by 17 analysts. Aramco’s average realized crude oil price for the quarter was $66.7 per barrel, down from $85.7 a barrel during the second quarter in 2024 and $76.3 a baril in the first three months of this year. Total borrowing increased to $92.9 billion...

Energy Markets

Oil prices are little different from one week ago, but concerns about oversupply persist

After three days of declining oil prices, Tuesday's price was little changed. The market was still concerned about oversupply after OPEC+ decided to increase output by a large amount in September. However, the possibility of further Russian supply disruptions helped the market. Brent crude futures remained unchanged at $68.76 per barrel at 0036 GMT, while U.S. West Texas intermediate crude fell 2 cents or 0.03% to $66.27 per barrel. Both contracts dropped by more than 1 percent in the session before, settling at their lowest levels in a full week. The Organization of the Petroleum Exporting Countries (OPEC+) and its...

Oil & Gas

Russell: OPEC+ is lucky to bring back oil production amid uncertainty.

It would have been a bold prediction a couple of months back to claim that OPEC+ could bring back 2,5 million barrels of crude oil production per day and keep the price of oil at $70 a barrel. This is what happened, as the eight producers of the group rolled back their voluntary reductions of 2.2 million bpd by September and allowed a separate rise for the United Arab Emirates. Eight OPEC+ member countries met virtually on Sunday and agreed to increase output by 547,000 bpd in September. This is an addition to the 548,000 bpd increases for August, the...

Energy Markets

Oil prices fall as OPEC+ increases output in September

The oil price fell to its lowest level in a week after OPEC+ agreed on a large increase in production in September. However, traders remained cautious about further sanctions against Russia. Brent crude futures dropped $1.17 or 1.7% to $68.50 per barrel at 1127 GMT. U.S. West Texas Intermediate Crude fell $1.26 or 1.9% to $66.07 Both contracts fell by about $2 each on Friday. The Organization of the Petroleum Exporting Countries (OPEC+) and its allies agreed to increase oil production in September by 547,000 barrels a day. The latest in an accelerated series of output increases to capture market...

Energy Markets

Oil prices drop after OPEC+ agrees on a production increase in September

Early Asian trading on Monday saw oil prices drop after OPEC+ agreed that they would increase production by a large amount in September. Brent crude futures were down 43 cents or 0.62% to $69.24 per barrel at 2218 GMT, while U.S. West Texas intermediate crude was $66.94 per barrel, down 39cents or 0.58% after both contracts had closed around $2 lower on Friday. OPEC+ decided on Sunday to increase oil production by 547,000 bpd for September. This is the latest of a series accelerated output increases to regain market shares, as concerns grow over possible supply disruptions related to Russia....

Fossil Fuels

Sources say that OPEC+ has agreed in principle to another major increase in oil production.

OPEC+ has agreed to increase oil production by 548,000 barrels a day in September. Two OPEC+ sources confirmed this on Sunday, as the group completes its largest tranche of production reductions amid fears that Russia will disrupt supply further. The meeting, which is scheduled to start at 1100 GMT on Monday, will likely result in a decision. Washington has recently demanded that India stop purchasing Russian oil. Washington also wants to find ways to pressure Moscow to reach a peace agreement with Ukraine. New EU sanctions have also forced Indian refiners and state-owned companies to stop buying Russian oil. OPEC+...

Oil & Gas

Oil prices rise as tariff concerns and Russian supply threats compete for attention

The oil prices were not much different on Friday, after having fallen more than 1% the previous session. Traders were digesting the impact of increased U.S. Tariffs which may slow down economic growth and reduce global fuel demand. Brent crude futures fell 7 cents or 0.1% to $71.63 per barrel at 0656 GMT. U.S. West Texas Intermediate Crude was down 10 Cents, or 0.14 %, to $69.16 per barrel. Brent prices will still rise by 4.9% this week, while WTI will climb by 6.4%. This is after U.S. president Donald Trump threatened earlier in the week to impose tariffs on...

Oil & Gas

California imports Saudi Arabian gas for the first time since 2022

Data from oil analytics company Kpler revealed that fuel importers in California received gasoline from Saudi Arabia’s Jubail industrial port after maintenance at India's world's biggest refinery helped to open up the rare arbitrage. Kpler reports that three gasoline shipments, totaling 886,000 barrels, from Saudi Arabia's Jubail industrial port have been discharged at Southern California's Olympus terminals in the last few months. California hadn't imported fuel from Saudi Arabia since the year 2022. In 2025, about 40% of the gasoline imported by the terminal came from Jamnagar. This was because Jamnagar had a maintenance shutdown in April. Yui Torikata, Kpler's...

Crude Oil

Oil prices pause as markets consider Trump's ultimatum against Russia

After a spike in the previous session of over 3%, oil prices were down in Asian trade Wednesday as investors waited for developments regarding President Donald Trump's new deadline to Russia to end its war in Ukraine. Brent crude futures were up 8 cents or 0.12% to $71.81 a barge by 0419 GMT. U.S. West Texas Intermediate crude was also up 8 cents or 0.12% to $69.29 a barge. Brent crude, the September contract that expires on Wednesday, was up 18 cents to $72.69 per barrel. The settlements of both contracts on Tuesday were the highest since June 20, 2006....