Refined Products

U.S. consumer confidence fell to a new record low in April, as consumers shrugged off the ceasefire in the?war with Iran and remained focused on 'the inflation fallout of this conflict. Consumer Sentiment Index, a measure of consumer sentiment published by the University of Michigan's?Surveys?of Consumers?, fell to a record low of 49.8 in December. This was an improvement over the reading of 47.6 earlier in the month. The economists polled predicted the index to be at 48. In March, the index was 53.3. It was a decline in sentiment across all political parties and among investors in the stock...

A?survey released on Friday showed that U.S. consumers' sentiment dropped to its lowest level in nearly four years during April, as inflation fears were stoked by the war with Iran. The Consumer Sentiment Index of the University of Michigan's Surveys of Consumers fell to 49.8 in April, its lowest reading since June 2022. This was an improvement over the 47.6 reading reported earlier in the month. The economists polled had predicted the index to be at 48. It was 53.3 in March. After the announcement of a two-week ceasefire and the lowering of?gas prices, sentiment has recovered a small portion...

Russia stated on Friday that it stands in solidarity with Cuba, and will continue to provide humanitarian aid for the island-republic run by communists. It rejected what it called threats and blackmail from Washington. Donald Trump, the U.S. president, has stated that he hopes to "take Cuba", but Washington is also calling on Havana to allow greater political and economic freedoms. Maria Zakharova, spokeswoman for the Russian Foreign Ministry, told reporters that "against the background of the malicious and targeted escalation?against Cuba we reaffirm solidarity with the Cuban Government and the Cuban People." "We reject threats and blackmail in foreign...

American Express's first-quarter profits surpassed Wall Street expectations on Thursday as its affluent clients spent money on discretionary purchases and travel. The backdrop is dominated by high interest rates, and concerns about inflation spikes due to higher gasoline prices. However, AmEx's customer base is more financially flexible. Billed Business, which is a measure for total spending with AmEx cards on an exchange-adjusted base, increased 9% to $428 Billion. In the third quarter, its revenue increased 10% to $18.9 Billion. AmEx shares rose 1.2% on premarket trading following results. American Express has increased its marketing investments, digital capabilities and reward programs...

American Express's first-quarter profits surpassed Wall Street expectations on Thursday as its affluent clients spent money on discretionary and travel purchases. The backdrop is dominated by high interest rates and concerns over a spike in inflation due to increased?gasoline prices. However, AmEx's customer base is more financially flexible. Billed Business, which is a measure for total spending with AmEx cards on an exchange-adjusted base, increased 9% to $428 Billion. In the third quarter, its revenue increased 10% to $18.9 Billion. American Express has increased its investments in digital capabilities, marketing and reward programs to attract Gen Z customers. Stephen Squeri,...

Tax deadlines in the U.S. are April 15th. This date is often met with both anticipation and dread. The filing process can be a chore, but the possibility of a windfall refund is also exciting. This year's refund may be much larger than normal, and the timing could not be more perfect. Goldman Sachs economists estimate that tax refunds will be 17% higher this year than last, which would mean a windfall of $50 billion for consumers by the end May compared to the same time last year. The fuel price spike that followed the Iran War two months ago...

Tax deadlines in the U.S., such as April 15, are often met with both anticipation and dread -- the "administrative grind" of filing and the possibility of a windfall refund. This year's refund may be much larger than usual and could not come at a better time. Goldman Sachs economists estimate that tax refunds will be 17% higher this year than they were last year. This means consumers could receive $50 billion more by the end of the month compared to last year. The increase in fuel prices following the Iran War two months ago should provide a much-needed boost...

U.S. Treasuries fell for a second session in a row on Tuesday, after data showed that retail sales were higher than expected in the month of March. This data reaffirmed expectations that Federal Reserve would?hold interest rate steady this year. However, the war against Iran remains a major focus for bond markets. In an interview with CNBC, President Donald Trump said that he didn't want to extend the Iranian ceasefire. He added that the U.S. had a strong negotiation position and was likely to end up with a deal he called great. Washington expressed its confidence that the talks with...

Genuine Parts, a distributor of auto?parts in the Middle East, said that it expects to face near-term cost pressures due to the?concurrent conflict. However, after reporting a lower first-quarter result they reiterated their annual adjusted profit forecast. Genuine Parts CEO Will Stengel stated on a call after earnings that "the war impacts the flow of goods across the global distribution chain, adding inflationary costs to certain products and logistics, and adding additional uncertainty for customers." However, the company still expects to continue seeing a steady demand for maintenance from its industrial segment. Costs have increased across many industries due to...

Retail sales in the U.S. increased more than expected during March, as the war against Iran led to higher gasoline prices. This led to record receipts in service stations and tax refunds boosted spending in other areas. The report released by the Commerce Department Tuesday confirmed that economists expected economic growth to pick up in the first three months of the year - after 'nearly stagnating' in the last quarter of 2025. The U.S.-Israeli war against Iran casts a shadow on the economy. James McCann is a senior economist at Edward Jones. He said that the households are resilient and...

The oil prices rose more than 6% Monday after falling more than 9% on Friday. This was due to the news that the Strait of Hormuz has been closed once again. Both the U.S. Brent crude futures rose $6.11 or 6.76% to $96.49 per barrel at 2327 GMT. U.S. West Texas Intermediate is now $90.38 per barrel, an increase of $6.53 or 7.79%. U.S. president Donald Trump said on Sunday that the U.S. military had seized an Iranian ship which tried to break its blockade. Iran, however, refused to participate in the second round of talks despite Trump’s threat of...

Two people familiar with the plant's operations said that Valero Energy Corp. has partially restarted their 380,000 barrels per day Port Arthur, Texas refinery after an explosion and fire on March 23. Valero repairs the heater on the 210,000 bpd crude distillation unit (CDU) while the production line of the 115,000 bpd CDU is running. This production line is closed. A Valero spokesperson failed to respond to a question for comment. During an inspection of the units of the refinery following the 23 March shutdown of the unit due to the fire, Valero found a damaged tube within the AVU-146?heater....

Prices of oil?rose nearly 2% on Monday as 'peace -talks' between the U.S.A. and Iran stagnated, while shipping through the Strait of Hormuz was limited. This kept global oil supplies low. Brent crude futures increased $2.16 or 2.05% to $107.49 per barrel at 2346 GMT. This is the highest price since April 7. U.S. West Texas Intermediate was $96.17, an increase of $1.77 or 1.88%. Brent and WTI both gained a combined?17% last week. This was the largest weekly gain since the beginning of the war. The weekend saw hopes of a resurgence in peace efforts fade when U.S. president...

Brazil's Government on Thursday announced a bill that will be sent to Congress, under which the additional?revenue generated by higher oil prices due to the U.S./Israel conflict with Iran would offset reductions in?federal tax on fuels. Planning Minister Bruno Moretti said the proposal was aimed at achieving full fiscal neutrality. Tax reductions would be dependent on extra revenues generated by an increase in oil prices. Dario Durigan, Finance Minister, said that the government was working on a two-month "calibrated" reduction. The government of President Luiz Inacio Lula da Silva is taking this step to "minimize the impact" of the higher...

The oil prices continued to rise 'on Thursday, despite the fact that 'peace talks' between Iran and the United States had stalled and both countries maintained their restrictions on trade flowing through the Strait of Hormuz. Brent crude futures were up $1.37 or 1.3% to $103.28 per barrel at 0410 GMT after Wednesday's settlement above $100 was the first in over two weeks. West Texas Intermediate futures also rose $1.52 or 1.6% to $94.48. The benchmarks for both closed Wednesday more than $3 higher after larger-than expected?gasoline stock withdrawals in the U.S. and the failure of the Iran peace talks....

Pacific nations far from home are feeling the effects of a global fuel shortage. Authorities scramble to manage their energy supply, while families struggle with fuel restrictions and higher food prices. The U.S. and Israel war against Iran is disrupting traffic through the Strait of Hormuz which carries around 20% of the world's oil flows. Aid agencies 'warned' that the crisis had caused diesel, petrol, and kerosene prices to rise by up to 70% in Papua New Guinea following the Iran war. Godfrey Bongomin is the director of programme operations for World Vision Papua New Guinea. He said that many...

U.S. president Donald Trump dismissed Monday his top energy official's view that gasoline prices won't drop until 2027. He said Americans can expect lower costs once the Iran War ends. Chris Wright, the U.S. Energy Secretary, told CNN on Sunday that gasoline prices below $3 per gallon could happen this year but that it might not be until next year. "I don't think he is right on that." Trump said to a reporter for The Hill that he was "totally wrong" and added that the prices would be expected to drop as soon as this conflict ended. Wright, who was...

Two EU diplomats have said that the?European Union?will expand the criteria?of their Iran sanctions to include the individuals responsible for?blocking?the Strait?of Hormuz.?The Strait?of Hormuz has been?largely closed for nearly two months, upsetting global energy and commodity markets. After U.S. and Israeli strikes against Iran began on 28 February, Tehran effectively shut down the Strait of Hormuz. This cut off roughly one-fifth the world's supply of oil and liquefied gas. After Iran briefly opened the strait on Friday, more than a dozen oil tankers passed through it. However, the ceasefire agreement is now in jeopardy after the United States seizes an...

The global oil market has been predicting that the Strait of Hormuz would be closed for a short time, and the disruption of crude and refined product supply will also be brief. This expectation is reflected in the price of crude oil futures. Although they have increased sharply since February 28, the prices are still far below the highs achieved in the aftermath of Russia's invasion of Ukraine in 2022. The paper crude market, in effect, has believed U.S. president Donald Trump's social media posts that have been made since the bombing began, that the?conflict?will be over soon and Iran...

The oil prices fell by 13% after Iran's Foreign Minister said that the Strait of Hormuz would remain open to all commercial vessels for the remainder of the ceasefire period. U.S. president Donald Trump also said Iran had agreed not to close the strait ever again. Brent crude futures dropped $12.87 or 12.95 percent to $86.52 per barrel at 10:50 am EDT (1450 GMT) after hitting a session's low of $86.09. U.S. West Texas Intermediate Crude Futures fell $13.50 or 14.26% to $81.19 per barrel after reaching $80.56. Both contracts traded at their lowest since March 10 and were set...

Early Friday morning, oil prices dropped on the optimism that the Middle East conflict could be coming to an end. A 10-day ceasefire between Israel and Lebanon went into effect after the inauguration of the ceasefire. Moreover, 'President Donald Trump' said the U.S. may hold talks with Iran over the weekend. Brent crude futures fell $1.34 or 1.35% to $98.05 per barrel at 0021 GMT. U.S. West Texas Intermediate Crude Futures declined $1.65 or 1.74% to $93.40 per barrel, reducing gains from the previous day. Trump addressed a major sticking point in talks to end the Iran War, which has...

Jose Guimaraes, Minister of Institutional Relations, said that Brazil will take new measures in the next few days to reduce the economic impact of the U.S.-Israeli conflict on Iran. This includes steps to lower gasoline prices. Guimaraes told reporters in Brasilia that the package is still being finalized. He also confirmed that the Finance Ministry officials are reviewing fuel prices. He said that the government was working on a scenario where there could be 'up to two months worth of conflict. However, it is still uncertain what impact this will have on the economy. SEVEN-DAY WORKWEEK Guimaraes said that the...

South Korea has purchased 273 million barrels of crude oil from the Middle East and Kazakhstan by the end of this year. Supplies are being routed outside of the Strait of Hormuz. Kang, who was visiting as a presidential special envoy in Kazakhstan, Oman and Saudi Arabia over the last week, said that Asia's fourth largest economy had also acquired 2.1 million tons of naphtha during the same time period. Kang stated that "in particular, the crude and naphtha obtained this time would be sourced via alternative supply routes, unrelated to the closure of the Strait?Hormuz. This will make a...

Janet Yellen, former U.S. Treasury secretary, believes that the Federal Reserve could cut interest rates this year. This is despite the fact that the 'Iran War' has created supply shocks in the global economy which are putting pressure on inflation. "Short-term expectations of inflation are slightly up, but they will be watching all that very closely, and I believe they have an open mindset," Yellen said Wednesday at the HSBC Global Investment Summit held in Hong Kong. If I were to write down one thing on paper before the next FOMC meeting, where forecasts are made, my guess is that...