Refined Products

Moscow-installed officials in Crimea have banned motorised vehicles such as quad bikes, motorcycles and scooters from being used at night. They claim that they sound like drone attacks. The peninsula's Russian-installed Governor, Sergei Aksyonov said that the ban would be enforced between 8 p.m. to 6 a.m. on Wednesday. He called it a temporary measure for the protection of military and important facilities. The moped's noise interferes with the operation of defense systems. "Their engines sound like drones,"?Oleg?Kryuchkov, Aksyonov’s advisor, said on Telegram separately on Tuesday. "The enemy is enlisting your children for nighttime rides." The Crimea ban does not...

U.S. retail gasoline prices fell below $4 per gallon for first time since April, as optimism grew about a preliminary agreement between the U.S. and Iran, which could lead to a reopening of Strait of Hormuz - a vital passageway for oil supplies around the world. Crude oil prices fell by more than $4 per barrel after U.S. president Donald Trump announced the U.S.-Iran had signed a Memorandum of Understanding to end the near four-month conflict. However, it is still unclear whether this agreement will last. The drop in fuel prices may provide some relief for the Trump administration. They...

According to Department of 'Energy data released on Monday, crude oil stocks in the U.S. Strategic Petroleum Reserve have fallen to 340.3m barrels. This is the lowest level since 1983. It signals a?shortage of supplies at a time when?the u.s. Iran and the United States agree to a deal that will end the war in the Middle East and open up the Strait of Hormuz. The government's emergency stock fell by 8.9m barrels. This is the third-largest draw in history. The U.S. agreed to "loan" 172 million barrels to the facility in order to lower fuel prices which have risen...

Coley Brady, in late March, cut production on the majority of assembly lines in his sprawling complex in Elkhart (Indiana) from five to four days per week, when it became clear that spring sales had slowed. At the time of the U.S./Israeli war against Iran, the global energy market disruptions had already caused American gasoline and diesel fuel prices to rise by 33% and 43% respectively. "Clearly, the war and increased gas prices are the easiest things to blame," said Brady. He is co-founder at Alliance RV which manufactures high-end motorhomes and fifth-wheels. The RV industry, which is located in...

Kommersant reported that the Russian government had authorized a few oil refineries to produce fuels at lower environmental standards for the domestic market. This is because the country has been experiencing fuel supply disruptions. According to data collected by, media reports and social media posts have indicated that there are supply disruptions in Russia in a dozen different regions. Only two regions of Siberia, besides the Russian-held Crimea have formally?confirmed these disruptions. Last week, Deputy Prime Minister Alexander Novak requested fuel market forecasts in order to avoid problems with fuel distribution and meet domestic demand. Ukraine has been targeting Russian...

Kommersant reported that the Russian government had authorized a few oil refineries to produce gasoline and diesel fuel with lower environmental specifications for the domestic market. According to data compiled by, fuel shortages have been reported in Russia by media and social media users?in about a dozen different regions. Only two regions in Siberia, besides the Russian-held Crimea have confirmed shortages. Last week, Deputy Prime Minister Alexander Novak called for fuel market forecasts to protect against difficulties in fuel distribution. Ukraine has been targeting Russian refineries, fuel depots, and pipelines for several months in order to limit Moscow's financial support...

U.S. consumer confidence bounced back from record lows early in June, as lower gasoline prices provided some relief to households. However, concerns about inflation caused by the Middle East conflict still lingered. The University of Michigan Surveys of Consumers reported on Friday that lower-income households were the main drivers of the improvement in consumer sentiment. According to AAA data, gasoline prices dropped over the last 'three weeks' from their four-year highs. Oil prices also remained below $100 per barrel, despite an unstable ceasefire. The increase in sentiment is likely due to the labor market's resilience, which has been marked by...

After U.S. President Donald Trump cancelled plans to strike Iran, fears of an escalation in 'hostilities' following tit-fortat attacks earlier this week were reduced. Brent futures increased $1.21, or 1.3%, to $89.17 per barrel at 0042 GMT. U.S. West Texas Intermediate crude (WTI), however, rose $1.23 or 1.4% to $86.48. Brent crude was 4.2% less than WTI on a weekly basis. Trump, who threatened to hit Iran'very hard,' called off planned strikes Thursday, saying that discussions with Iran have progressed. Fars, Iran's semiofficial news agency, reported that Tehran has not approved the text of any agreement. Tony Sycamore, IG's market...

The firm that previously represented it in the U.S. Court of Appeals said on Thursday, Venezuela has retained the law firm 'Greenberg Traurig' to represent the country in a longstanding legal battle against miner Crystallex. This involves more than a dozen creditors seeking compensation for expropriations. The Attorney General of Venezuela, Arianny eijo, announced this 'week that Daniel Pulecio, and 'Dominic Draye, are now leading Venezuelan's team. In a letter sent to the firm Munger Tolles & Olson which asked the US Court of Appeals for Third Circuit to'remove' them as counsel. Washington recognized the interim government led by Venezuelan...

Treasury Department's website revealed on Thursday that the United States has sanctioned Cuban state oil firm Union Cuba Petroleo, preventing the island government from importing much-needed fuel. Washington has imposed sanctions against a number of Cuban entities, people and leaders, including Cuba's president. It is attempting to increase?pressure on Cuban communist leaders. The sanctions come after the U.S. declared a national crisis this year, which imposed tariffs on countries that supply oil to the island. This has led to widespread power outages. In a recent social media post, U.S. Secretary of State Marco Rubio stated that Cuba's Communist elites had...

Dollarama, a discount retailer in Canada, beat its quarterly profit and sales estimates on Thursday. Cost-conscious shoppers sought out Dollarama for low-cost essentials. Its shares rose 7% at the start of trading. The high cost of gasoline linked to the Middle East war has put pressure on household budgets. Walmart, Target and Dollar Tree, as well as Dollar General, Dollar Tree, and other discount retailers in the United States have flagged a cautious environment for spending over the past few weeks. Dollarama also forecast a 3%-4% growth in comparable sales for the year. CEO Neil Rossy said: "We expect that...

The Middle East conflict has driven up the price of energy products, resulting in a?largest annual gain in three-and-a half years. The Labor Department's Bureau of Labor Statistics announced on Thursday that the?Producer Price Index?for?final Demand?advanced 1.1%?last month?after a downwardly-revised 1.1% surge in March. The economists polled had predicted the PPI would rise 0.7%, after an earlier reported 1.4% increase in April. The PPI rose 6.5% in the year to May, which is the highest increase since November 2022. Nearly 80% of PPI's rise was due to a 2.8% increase in goods prices, mainly energy products. Prices of?services rose by...

Early trading on Thursday saw oil prices fall after the U.S. signed an interim deal with Iran that would end the Iran War, reopen Strait of Hormuz, and waive U.S. sanction s on Tehran's crude, ending the largest energy supply disruption ever. Brent crude futures fell 89 cents or 1.12% to $78.66 per barrel at 0005 GMT. U.S. West Texas Intermediate dropped 98 cents or 1.28% to $75.81 per barrel. The benchmarks have resumed their fall, reversing the gains made on Wednesday after U.S. president Donald Trump stated that he would resume his bombing campaigns if Iran's leaders "don't behave"....

U.S. president Donald?Trump stated on Wednesday that a?girls' school in Iran was not attacked deliberately in February. He cited?an investigation of the incident. First reported that an initial internal U.S. Military investigation indicated U.S. Forces were most likely responsible for the deadly strike in Minab, southern Iran. Since then, the Pentagon has elevated its investigation but hasn't acknowledged any preliminary results. According to Iranian officials, the strike on February 28th, the first day in the conflict, resulted in the deaths of more than?175 teachers and children. Trump said, "That is under investigation" at a press event held on the sidelines...

The oil prices fell on Wednesday as investors evaluated the?U.S. - Iran peace deal. However, uncertainty about?the full resumption?of shipping through the?Strait?of Hormuz's?limited further drops. Brent crude futures fell 16 cents or 0.2% to $78.80 per barrel at 0340 GMT. U.S. West Texas Intermediate dropped 25 cents or 0.3% to $75.80 per barrel. On Tuesday, both benchmarks fell 5% in a second session straight to reach their lowest levels in three months on the hope that an agreement between the U.S. and Iran would allow oil to flow through Strait. "Markets have stripped out the embedded geopolitical risks premium in...

Investors questioned whether the Iran War will end and the Strait of Hormuz will reopen. Brent crude futures rose 47 cents (0.6%), to $79.43 per barrel. U.S. West Texas Intermediate was up 48 cents (0.6%), to $76.53 per barrel as of 0038 GMT. The benchmarks for both fell 5% on Tuesday, a second consecutive session. They reached three-month lows in hopes that a U.S. Iran deal would allow oil to flow through the Strait. Oil markets fell on the expectation that the Strait of Hormuz will reopen after the?peace accord, but traders held back further sales pending more details, said...

According to LSEG and market sources, Russia's seaborne exports of oil products fell 15% a month on a monthly basis to about 3.3 mt in the first 15 days of June. This was due to?unplanned maintenance?following repeated ukranian drone attacks. Shipping data shows that the number of diesel loadings at the Baltic port Primorsk - Russia's main outlet for ultra-low sulphur fuel (ULSD) – dropped by 18% to 520,000 tonnes in the first half of June compared with the same period last year. Ukraine has intensified drone strikes on Russia's energy infrastructure, with the number of oil refining facilities targeted...

After the U.S. and Iran deal to end the Middle East conflict, spot premiums for crude oil in Asia are back to their pre-war level. However, caution over how soon normal shipping will resume is keeping the oil markets afloat. Prices fell across the board after U.S. president Donald Trump announced that a preliminary deal had been signed. Details have not yet been released, and the U.S. as well as Iran say that a permanent ceasefire is still being negotiated. Dubai's premium for swaps on Middle East crude returned to its pre-war level of $2.06 a barrel on Monday. This...

The oil prices rose on Thursday after Iran declared that the Strait of Hormuz was a 'critical energy chokepoint' and 'closed it if necessary. This came as the U.S. launched more strikes against Iran, while President Donald Trump threatened to launch even more attacks in the event of a failed peace agreement. Brent futures were up $1.48 or 1.59% to $94.58 per barrel at 0243 GMT. Meanwhile, U.S. West Texas Intermediate crude (WTI), which is a blend of WTI and Brent, was up $1.71 or 1.90% to $91.74. U.S. crude oil futures rose by more than $3 in the early...

After the war in Iran, companies that have borrowed oil from the U.S. Strategic Petroleum Reserve will receive an 'extra 40 mln barrels - of crude as premiums. Fuel prices have risen since the U.S. and Israel war against Iran began in early February. Wright, however, said that he was not concerned about low stock levels at?the SPR. Wright told Fox Business's "Varney & Company," "I am not concerned because we are not'selling' any barrels of crude oil. We're supplying oil 'to the market 'in the short-term when it is needed, and we trade those barrels." "For every barrel we...

According to shipping data, and analysts, Iranian crude oil exports and condensate fell to their lowest levels?in six years?in?May. They were well below 300,000. barrels per day. This was mainly because of the U.S. Naval Blockade. The U.S. started enforcing its blockade in April, which choked Iranian exports. This is because the oil market has been facing a shortage of supply due to the Iranian closure of the Strait of Hormuz, cutting off exports from Saudi Arabia. Vortexa data indicates that Iran's exports in May averaged around 209,000 bpd, down sharply from the 1.34 million in April and almost 1.9...

Analysts and trade sources reported that South Korea's refiners increased jet fuel exports to pre-Iran War levels in May, helped by an increase in?crude oil imports, and encouraged by the robust margins of refining. The rebound of?one of Asia’s top fuel exporters as seen in a series of spot cargo sales has eased concerns about a tight supply, and helped to cool down prices in the area. In the last two weeks, spot premiums on aviation fuel fell by 50% to about $2 per barrel. This compares to a record-high of more than 20 dollars in March. Data from Kpler...

?U.S. Donald Trump admitted to calling Israeli Prime Minister Benjamin Netanyahu crazy during an angry phone call over the fighting in Lebanon while the U.S. was trying to negotiate a ceasefire with Iran. In an interview aired Wednesday, Trump, paraphrasing Axios, was asked if he called the long-time Israeli leader, "effing insane" and accused him ingratitude. Trump said, "I did," in a podcast called "Pod Force One". "I wouldn’t say angry. "I was a bit upset at his constant fighting with Lebanon." Trump continued to say that he and Netanyahu get on very well. Axios reported, citing an unidentified U.S....

Global commodity trading company Gunvor confirmed on Tuesday that its Geneva office was searched by Swiss prosecutors in May. However, it said in a press release that they were not the subject of the investigation. The Office of the Attorney General of Switzerland stated that the search was part of an?investigation into the bribery of officials abroad by unknown persons. The prosecutor stated that it could not provide any further information?on a ongoing investigation. Gunvor stated in its statement that it had reported "issues" to the Swiss authorities over a year ago. It stated that it was cooperating with the...