Refined Products

The oil prices fell on Tuesday, as fears that Russian shipments would remain under sanctions despite the inconclusiveness of talks to end Ukraine's war outweighed concerns about supply exceeding demand. Brent futures dropped 27 cents or 0.4% to $63.10 per barrel at 0500 GMT. West Texas Intermediate crude (WTI), which is a blend of crude oil from Texas, fell 23 cents or 0.4% to $58.61. The two crude benchmarks both gained 1.3% Monday, as rising doubts over a peace agreement to end the Russia/Ukraine conflict reduced expectations of an unrestricted flow of Russian fuel and crude oil supplies. These are...

Two sources familiar with the matter on Tuesday said that Binh Son refinery in Vietnam is expected to purchase 1 million barrels West Texas Intermediate crude oil in January. This will be its second purchase within three months, as it increases imports from the United States. Since Trump threatened to impose tariffs against Vietnamese products in April, Vietnam has sought to purchase more U.S. products to close the trade gap. Vietnam wants to import a variety of U.S. products, including farm produce, liquefied gas, aircraft, and crude oil. Sources said that Swiss trader Mercuria had sold the cargo of 1...

Honeywell has been contracted by Nigerian oil refinery Dangote to help double the capacity of its refinery to 1.4million barrels per day in 2028. This is the clearest sign yet that the company's plans to become the largest refinery in the world are taking shape. Honeywell's equipment and catalysts will help Dangote process a wider range of crude grades, which is needed to support their planned expansion of output. Dangote also plans to license Honeywell's Oleflex Technology to increase its polypropylene production - a material used in plastic containers and auto parts. The financial terms of the agreement were not...

The oil prices remained unchanged on Tuesday, despite the fact that they had risen in the previous session. This was due to concerns about the supply exceeding demand in 2019. These fears outweighed the worries about Russian shipments remaining under sanctions if the talks to end Ukraine's war are unsuccessful. Brent futures dropped 17 cents or 0.3% to $63.20 per barrel at 0158 GMT. West Texas Intermediate crude (WTI), which is a blend of crude oil from Texas, fell 12 cents or 0.2% to $58.71. The two crude benchmarks rose 1.3% each on Monday, as a growing doubt about the...

Oil prices dropped 1.5% on the Friday, continuing a downward trend for the third consecutive session. The United States was pushing for a Russia/Ukraine agreement that could increase global supply while investors were hesitant about its rate reductions. Brent crude futures dropped 93 cents or 1.5% to $62.45 per barrel at 0416 GMT after falling 0.2% the previous session. U.S. West Texas Intermediate fell 1.7% or 98 cents to $58.02 per barrel after ending the previous session down 0.5%. The two contracts will fall by more than 2.5% on the back of concerns about oversupply, wiping out most of last...

Saudi Arabian crude oil exports reached a record high of seven months in September, according to data released by the Joint Organizations Data Initiative on Wednesday. The world's biggest oil exporter has increased its crude exports to 6,460 million barrels of oil per day (bpd), a slight increase over August's 6.407 millions bpd and the highest level since February. Saudi Arabian crude production, on the other hand, reached a peak of nearly 2.5 years, 9.966 millions bpd, in September. This was its highest level since April 2023. In August, the output was 9.722 millions bpd. JODI publishes the monthly export...

Exxon Mobil announced Tuesday that it will close its Fife Ethylene Plant (FEP) located in Scotland by February 2026. The company said the plant is no longer viable due to high supply costs, weak markets and the UK’s economic and political environment. The European Union's fourth largest exporting sector, after machinery, automobiles and pharmaceuticals has been under pressure due to soaring energy prices following Russia's invasion in Ukraine, and an aging infrastructure. This has led them to become more dependent on imports for key feedstocks like ethylene and propylene. Exxon said that the closure would affect 179 employees and 250...

The oil prices fell on Tuesday, as traders assessed the impact of Western sanctions against Russian flows, and supply concerns eased after the loading of cargo at a Russian hub was resumed following a drone strike in Ukraine. Brent crude futures fell 46 cents or 0.72% to $63.74 per barrel as of 0420 GMT. U.S. West Texas Intermediate crude futures fell 45 cents or 0.75% to $59.46 per barrel. According to two industry sources, and LSEG data, the Russian port of Novorossiysk resumed oil loadings Sunday after a two-day interruption caused by a Ukrainian drone and missile attack. In a...

Two trade sources familiar with the matter confirmed that Indian state refiners awarded their first long-term joint tenders in 2026 to Chevron Phillips 66, and TotalEnergies Trading SA for the import of U.S. liquefied gas. India is planning to increase energy imports to the U.S. in order to reduce its trade surplus. This is a major irritation for President Donald Trump who imposed a 50% tariff on Indian imports. The three refiners wanted to jointly purchase 48 large gas carriers or 2 million metric tonnes of LPG by 2026. LPG, a mixture of butane and propane, is used to cook....

Both the United States and Japan use a novel tool to combat inflation: fiscal stimuli. Both U.S. president Donald Trump and Japan’s prime minister Sanae Takaichi want to calm down angry voters who are being squeezed by rising costs of living. Offering lavish fiscal giveaways in order to control inflation is like trying to put out a raging fire by dousing it with petrol. Trump's Republican Party lost key gubernatorial elections and mayoral elections earlier this month. Concerns about high costs of living were a big factor. The White House seems to have heard loud and clear the electorate. The...

Oil prices fell on Thursday, continuing losses from the previous day, after a report indicating rising crude inventories at the U.S. heightened concerns that global supplies are more than enough to meet the current fuel demand. Brent crude futures dropped 9 cents or 0.1% to $62.62 per barrel at 0336 GMT after falling 3.8% the day before. U.S. West Texas Intermediate Crude fell 11 cents or 0.2% to $58.38 per barrel, continuing a 4.2% drop on Wednesday. According to market sources, who cited American Petroleum Institute data, U.S. crude stocks rose by 1.3m barrels during the week ending November 7,...

According to sources familiar with the plant's operations, Marathon Petroleum has restarted the last repaired portion of the residual hydrotreater at its 631,000 barrels per day (bpd), Galveston Bay refinery in Texas City. Jamal Kheiry, the spokesperson for Marathon, declined to comment on operations at its refinery Wednesday. Sources said that the last section was a hydrocracker located on the RHU of 64,000 bpd, which had been heavily damaged in a fire in June. The hydrocracker should restart by the week's end. Sources told us in October that the hydrocracker repair work would be completed in November. A restart was...

After a drop of around 3% last week, oil prices were a little lower on Monday as investors weighed up the prospects of a U.S. interest rate cut against a Russia-Ukraine agreement that could allow more Russian production through a easing of sanctions. After agreeing to modify an earlier version of the deal that was deemed too favorable to Moscow by critics, the United States and Ukraine are set to resume working on a revised peace plan ahead of a deadline set Thursday by U.S. president Donald Trump. Brent crude futures remained unchanged at $62.56 a barrel at 0458 GMT....

The price of oil fell on Wednesday, as a report from the industry showed that crude inventories were higher in the U.S. Brent crude futures fell 11 cents or 0.2% to $64.78 per barrel at 0510 GMT after rising 1.1% the previous session. U.S. West Texas Intermediate Crude Futures were down by 9 cents or 0.2% at $60.65 per barrel after gaining 1.4% on Tuesday. Market sources reported late Tuesday that U.S. crude oil and fuel stockpiles rose during the past week. They cited American Petroleum Institute data. API, according to sources, reported that crude stocks increased by 4.45 millions...

The oil prices rose by about 2% Friday due to supply concerns after a Ukrainian drone attacked an oil depot at the Russian Black Sea port Novorossiysk. This is a major export center. Brent crude futures increased $1.24 or 1.97% to $64.25 a bar by 0315 GMT. U.S. West Texas Intermediate Crude rose $1.25 or 2.13% to $59.94 a bar. Russian officials reported that the attack occurred early Friday morning and damaged a ship docked in port as well as apartment buildings and a depot of oil in the Russian Black Sea Port of Novorossiysk. Three crew members were injured....

The oil prices increased by more than 2% after an attack by a Ukrainian drone on a depot of crude oil in the Russian Black Sea Port of Novorossiysk. Brent crude futures increased $1.34 or 2.13% to $64.35 a bar by 0227 GMT. U.S. West Texas Intermediate Crude rose $1.40 or 2.39% to $60.09 a bar. According to a Telegram post by the operational headquarters for Krasnodar Region, drone fragments struck three apartments, an oil depot and coastal structures in a complex of trans-shipment. The benchmarks remained unchanged on Thursday, as fears of looming Russian sanctions countered worries about the...

The oil prices are little changed today after they rose in the previous session. This is because of the expectation that the end of the longest U.S. government shut down could increase demand in this country, the world's largest crude consumer. Brent crude futures fell 8 cents or 0.12% to $65.08 per barrel at 0106 GMT, after rising 1.7% on the previous day. U.S. West Texas Intermediate Crude was down 7 cents or 0.11% to $60.97 per barrel after gaining 1.5% the previous session. The U.S. Republican-controlled House of Representatives is set to vote on Wednesday afternoon on a bill,...

Kuwait Petroleum Corp. has offered heavy crude to be loaded in December through a spot bid, according to sources within the industry and the tender document. This is because it sells extra oil that Al-Zour Refinery cannot process. The producer offered to load 500,000 barrels Kuwait Heavy Crude on December 6 and 7, as well as the same amount of Eocene Crude on December 8 and 9. The bids will be valid until Thursday. KPC now has a total of 3.9 million barrels in heavy crude spot sales. Kuwait Integrated Petroleum Industries Company (KIPIC) has announced that on October 21...

Three trade sources reported on Monday that Indian refiner HPCL Mittal Energy Ltd issued a very rare spot tender for two cargoes each of naphtha to be delivered in November after it was unable to obtain supplies from Russia of this petrochemical feedstock. One source said that the tender was extended to November 12th. Two of the sources said that HMEL wants naphtha to have a minimum paraffin content of 60% and a maximum sulphur level of 500 ppm, for delivery in Mundra port on November 9-12 or November 13-18. Part of the naphtha required for the cracker is met...

After three days of declining prices, oil prices rose on Friday on concerns about an excess of supply and a slowing in demand in the U.S. Prices are still set to fall for a second consecutive week. Brent crude futures increased 28 cents or 0.44% to $63.66 per barrel at 0421 GMT. U.S. West Texas Intermediate Crude was up 29 cents or 0.49% at $59.72 per barrel. Brent and WTI will fall by about 2% in the coming week. This is the second consecutive week that Brent and WTI have fallen, due to major global producers increasing their output. Tony...

Local media reported that the ruling party of Bulgaria plans to introduce legislation to allow a special manager to supervise the sale, if one is appointed, of the Burgas Oil Refinery owned by the Russian oil company Lukoil sanctioned by the United States. Mediapool in Bulgaria reported the draft document. It would allow a special manager the right to sell an asset. The legal owner of the refinery would not have the right to vote or appeal. Last month, the U.S., Britain, and France imposed sanctions against Russia's biggest oil companies Lukoil, and Rosneft over Moscow's conflict in Ukraine. This...

The oil prices dropped on Wednesday, amid a global sell-off that reflected concerns over economic growth and fuel demand. A stronger dollar and reports about rising U.S. crude stocks added to the worry. Brent crude futures dropped 36 cents or 0.56% to $64.08 per barrel at 0221 GMT. U.S. West Texas Intermediate Crude was down by 40 cents or 0.66% at $60.16. Both contracts continued to lose money from Tuesday. Oil markets fell as part of an overall slump in equity markets. Asian stock markets added on Wednesday to a drop overnight on Wall Street due to concerns that stock...

Sources claim that the Russian oil giant Lukoil struggles to maintain operations at its vast foreign businesses, as Western sanctions disrupt oil loads in Iraq, pumping stations in Finland, and trading in Switzerland. Last month, the United States and United Kingdom imposed sanctions against Russia's second largest oil company. This has complicated its operations. The U.S. Treasury Department has issued a license giving companies until 21 November to end any transactions with Lukoil or Rosneft, the number one oil producer. Sanctions are being felt in all regions where the company is active. Iraq's Somo, the state-owned firm, has cancelled the...

Two trade sources reported on Monday that India's Bharat Oil Corp bought crude oil in Abu Dhabi as part of a spot-tender to replace oil imported from Russia, after the U.S. imposed sanctions against two major Russian producers. They said that the Indian refiner bought 2 million barrels Upper Zakum crude to be loaded in December. ADNOC Trading is said to be the supplier of the cargo, according to a source. Washington imposed sanctions last week on Rosneft, and Lukoil - the two largest Russian oil companies - in an effort to increase pressure on President Vladimir Putin for ending...