Refined Products

Sources in the trade said that two Indian state refiners purchased 5,000,000 barrels of crude from spot markets through tenders, as they continue their search for alternatives to Russian supplies. Hindustan Petroleum Corp. has purchased 2 million barrels of each U.S. West Texas Intermediate and Abu Dhabi Murban crudes for arrival in January, according to reports. Mangalore Refinery and Petrochemicals Ltd purchased one million barrels Basra Medium Crude for delivery between January 1-7, according to the company. It was not immediately clear who the sellers were or what their prices were. Indian refiners have been looking for alternatives since U.S....

Helsingin Sanomat, citing Teboil's spokesperson, reported Friday that the Finnish petrol station chain Teboil is out of fuel due to U.S. sanctions imposed on its parent company. Donald Trump, the U.S. president, announced on October 22 that Rosneft (Russia's oil company) and Lukoil would be subject to sanctions as a result of a policy shift regarding Moscow's conflict in Ukraine. He also said that companies who do business with these two groups may face sanctions. The U.S. Treasury referred to Gunvor as Russia's "puppet", and indicated that Washington was against the deal. On November 6, a deal between Gunvor, a...

DuPont announced that it would raise its core earnings forecast for the full year and announce a share repurchase program of $2 billion after reporting earnings in the third quarter which exceeded Wall Street expectations, due to strong demand from electronics, healthcare, and water markets. The industrial materials manufacturer's forecast increase and share repurchase program, announced on Thursday, demonstrate confidence in the company's strategy to refocus its efforts on high-growth markets such as technology and water following the planned separation and divestiture of the Qnity electronics division and Aramids. The company will rely on the strong demand for semiconductors, biopharmaceuticals...

DuPont, a maker of industrial materials, forecast sales and adjusted profits for the current quarter below Wall Street expectations on Thursday. This was due to its planned spin-off of Qnity Electronics and Aramids divestiture. Wilmington, Delaware based company is undergoing a strategic restructuring and trying to streamline its product portfolio. The chemicals industry is struggling with rising feedstock and energy prices. The industry is also affected by the lack of demand, particularly in Europe where strict regulations have increased the costs of manufacturing. DuPont announced in August that it would sell Aramids (which includes brands like body armor maker Kevlar)...

The oil prices fell on Wednesday as investors assessed the outlook for supply, amid a wider financial market slump and a stronger U.S. Dollar. Brent crude futures fell by 6 cents or 0.1% to $64.38 per barrel at 0408 GMT. They had previously hit a two-week low. U.S. West Texas Intermediate Crude was down 10 cents or 0.17% at $60.46. In a client note published on Wednesday, ANZ analysts noted that investors had left the energy market due to a risk-off mood across all markets. After an overnight sell-off led by tech on Wall Street, the market volatility in Asia...

Marathon Petroleum, a U.S. refiner, missed Wall Street's expectations for the third quarter profits on Tuesday as higher turnaround costs in refining and losses from renewable diesel weighed on performance. At 1:30 pm, shares of Marathon, which is the largest refiner in the United States by volume, had fallen about 7%. ET (1830 GMT). Marathon's results highlight the challenges facing U.S. refining companies as inflation and high maintenance costs eat away at earnings, despite strong demand. According to LSEG, the company reported a quarterly profit of $3.01, compared to an average analyst estimate of $3.15. Analysts said the results were...

Exxon Mobil, a company executive said in an interview, is looking at other opportunities to renovate sites after launching operations this year at four new initiatives for refining and chemicals. Exxon Mobil CEO Darren Woods described the projects as part of a larger strategy to transform low-value feedstocks and chemicals into products that are more valuable. He said that upgrading existing refineries and diversifying the production will allow the company to maintain low investment costs and better withstand fluctuating demand and supply markets. Matt Crocker, Exxon's president of product solution, said in an exclusive interview conducted last Wednesday before the...

A poll conducted on Friday showed that analysts are keeping their oil price predictions largely the same as OPEC+'s rising output targets and a lacklustre market demand have offset geopolitical risk to supply. According to a survey conducted by 36 economists and analyst in October, Brent crude is expected to average $67.99 a barrel in 2025. This is about 38 cents higher than the estimate from last month. West Texas Intermediate will average $64.83 per barrel in 2025. This is slightly higher than September's estimate. Brent and WTI have been averaging $69.27 and $65.92 respectively so far this year. Tobias...

Indian Oil Corp, the top refiner in India, has purchased five cargoes from non-sanctioned companies for delivery in December. Traders said that India had resumed purchases despite Washington's pressure to stop purchasing Russian oil. 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 the end of the war in Ukraine. Since then, Indian refiners, including the state-run Mangalore Refinery & Petrochemicals Ltd., HPCL Mittal Energy Ltd. and Reliance Industries (the operator of the largest refining facility in the world) have stopped...

PBF Energy posted a smaller-than-expected quarterly loss on Thursday, as higher margins helped the U.S. refiner offset downtime at its fire-hit Martinez refinery in California. The U.S. refinery margins are up from multi-year-lows. They have recovered from last year's slump, when profits dropped from their post-pandemic peaks and supply shocks caused by Russia's invasion in Ukraine 2022 faded. Valero Energy, Phillips 66 and other rival refiners also reported positive quarterly results. PBF Energy’s gross refining profit, excluding special items and other costs, was $9 per barrel during the third quarter of 2016, compared to $6.79 per barrel a year earlier....

Enterprise Products Partners announced a decrease in profit for the third quarter on Thursday. Lower processing margins, maintenance downtime and record volumes of pipeline and gas processing offset lower processing margins. The company's shares dropped by nearly 2% during premarket trading. The U.S. Pipeline Operator also increased its share purchase authorization from $2 billion to $5 billion. A.J. Teague, the CEO of the company, said that natural gas and liquids throughput from Permian Basin helped set nine operational records in the quarter. Teague, the company's CEO, said that the Permian Basin natural gas and liquids output helped to set nine...

In Asian trading, oil prices maintained their gains from Thursday's previous session as investors awaited for the results of the U.S. China trade talks. They were hoping to see signs that the tensions threatening the global economic outlook would ease. Brent crude futures fell by 4 cents (0.06%) to $64.88 per barrel at 0402 GMT, after rising 52 cents the previous day. U.S. West Texas Intermediate Crude Futures fell by 9 cents, or 0.15%, to $60.39. They had risen 33 cents the day before. The U.S. president Donald Trump and China’s leader Xi Jinping held a nearly two-hour meeting at...

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...

The oil prices fell on Tuesday, extending the declines from the previous two sessions. This was due to OPEC's plans to increase output, which offset optimism about a possible U.S. China trade deal. Brent crude futures dropped 4 cents, to $65.58 per barrel at 0106 GMT. U.S. West Texas Intermediate Crude Futures fell 9 cents to $61.22. In a morning report, ANZ stated that traders weighed progress in U.S. China trade talks against the broader outlook of supply. OPEC+ - which includes the Organization of Petroleum Exporting Countries (OPEC) and its allies, including Russia - is leaning toward a modest...

Oil prices rose Monday after U.S. economic officials and Chinese economic officials drew up a framework for a trade deal, allaying fears that tariffs or export restrictions between the two world's largest oil consumers would dent global growth. Brent crude futures were up 47 cents or 0.71% to $66.41 per barrel at 0629 GMT. U.S. West Texas Intermediate Crude Futures rose 44 cents or 0.72% to $61.94 after rising by 8.9% and 7.7% respectively in the previous weeks due to U.S. Haitong Securities stated in a note to clients that the market has improved expectations following the new sanctions against...

Tayyip Erdoan said that he had held discussions on Turkey's plans to acquire Eurofighter Typhoon jet fighters from Qatar, Oman and the Gulf during a tour of the region. He added that these talks were going well. Reports on Wednesday said that Ankara has proposed ways to acquire advanced fighter jets to its European and American allies, amid discussions to purchase 40 Eurofighter Typhoons and U.S. F-16s or F-35s. This is happening as President Tayyip Erdoan makes a regional trip to Kuwait, Qatar, and Oman. According to a person with knowledge of the situation, under the deal that Britain is...

Trade sources and analysts reported that spot premiums on crude markets rose on Thursday, as traders and analysts expected the U.S. sanctions against top Russian producers to spur China and India’s demand for supplies coming from the Middle East and Africa, and South America. Washington imposed sanctions on major oil suppliers Lukoil and Rosneft over the Ukraine conflict, causing concern over a tighter supply from Russia. Russia is the largest supplier of crude oil to China and India. Brent oil futures, the global benchmark for crude oil, rose more than 4% Thursday. Sources said that Indian refiners, as well as...

Oil prices dropped for a second consecutive day on Tuesday, as fears about an excess of supply and the risks to demand resulting from tensions between China and the U.S., the two largest oil consumers in the world, weighed on the market. Brent crude futures were down 17 cents or 0.28% at $60.84 per barrel as of 0343 GMT. The U.S. West Texas Intermediate (WTI), which is due to expire Tuesday, fell 0.52% to $57.22. The December contract, which is more active, was down by 19 cents or 0.33% at $56.83. In Monday's session, prices fell to their lowest level...