Refined Products








Asia

North America

Crude Oil

Oil prices rise over accusations of breaches to Israel-Hezbollah ceasefire

Oil costs rose a little on Friday following a potential renewal of supply danger as Israel and Hezbollah traded allegations of ceasefire infractions, and as a. hold-up to an OPEC+ conference left investors waiting for a decision on. its output policy. Brent crude futures rose 10 cents, or 0.1%, to. $ 73.38 a barrel by 0516 GMT. U.S. West Texas Intermediate crude. futures were at $69.17, up 45 cents, or 0.7%, compared to. Wednesday's closing price. On a weekly basis, Brent futures were down 2.4% and the U.S. WTI criteria was trading 2.9% lower. Trading remained thin due. to the...

Fossil Fuels

Oil slips on buildup in US gas stocks; eyes on weekend OPEC+ meeting

Oil costs wandered lower on Thursday after a surprise dive in U.S. gasoline stocks, with financiers focusing on the OPEC+ conference this weekend to discuss oil output policy. Brent unrefined futures fell by 14 cents, or 0.2%, to $ 72.69 per barrel by 0401 GMT, while U.S. West Texas Intermediate crude futures were also down 14 cents, or 0.2%, at $68.58 a barrel. Trading is anticipated to be light due to U.S. Thanksgiving vacation starting from Thursday. Oil is most likely to hold to its near-term bearish momentum as the dangers of supply disruption fade in the Middle East and...

Refined Products

Oil edges lower after dive in US gas stocks, OPEC+ supply choice in focus

Oil costs edged lower in Asian trading on Thursday, after a surprise jump in U.S. gasoline stocks ahead of the country's Thanksgiving holiday stimulated worry over need in the leading consumer of the motor fuel. Brent unrefined futures fell by 4 cents, or 0.1%, to $ 72.79 per barrel by 0220 GMT, while U.S. West Texas Intermediate unrefined futures were a cent lower at $68.71 a. barrel. Trading is expected to be light due to U.S. holiday. U.S. fuel stocks rose 3.3 million barrels in the week. ended on Nov. 22, the U.S. Energy Information Administration. ( EIA) stated on...

Fossil Fuels

United States labor board judge guidelines Exxon's Texas refinery union lockout was legal

A U.S. National Labor Relations Board administrative law judge has actually ruled Exxon Mobil's. 10monthlong lockout of some 600 union employees at a. Texas oil refinery during an agreement dispute was legal. The judge agreed Exxon in his decision on Nov. 21,. finding the 2021 and 2022 lockout was to press the United. Steelworkers union workers towards an offer, not to oust the union. from the 369,024 barrel-per-day (bpd) Beaumont, Texas, refinery. complex. The USW had faced a decertification campaign and filed an. unjust labor practice problem during the lockout, declaring an. inappropriate effort to break the plant's union. The...

Crude Oil

Asia most likely to benefit from cheaper Canadian, Mexican oil if Trump enforces tariffs

Oil producers in Canada and Mexico will likely be required to decrease prices and divert supply to Asia if U.S. Presidentelect Donald Trump imposes 25%. import tariffs on unrefined imports from the 2 countries, traders. and analysts said. 2 sources familiar with Trump's strategy informed Reuters that oil. would not be exempted from possible tariff hikes on imports. from Canada and Mexico even as the U.S. oil market has actually cautioned. the policy might harm consumers, market and national security. The United States represents 61% and 56% of crude exports. from Canada and Mexico, respectively, ship tracking data from. Kpler...

Refined Products

OPEC+ production cuts might support oil rates in near term, Goldman Sachs states

Crude production from Iraq, Kazakhstan, and Russia has declined in compliance with OPEC+. production cuts, supporting a modest near term advantage to Brent. rates, Goldman Sachs stated. Saudi Arabia is most likely to extend oil production cuts. because of the recent rate drop and we now believe that oil. production cuts will last till April 2025 rather of January,. the investment bank said in a note dated Tuesday. Goldman Sachs kept its typical Brent rate forecast. for 2025 at $76 per barrel. OPEC+, that includes members of the OPEC and allies such as. Russia, is going over a further hold-up...

Refined Products

Oil prices ease however remain near 2-week highs on Russia, Iran tensions

Oil rates retreated on Monday following 6% gains recently, but stayed near twoweek highs as geopolitical stress grew between Western powers and major oil producers Russia and Iran, raising threats of supply disruption. Brent unrefined futures slipped 26 cents, or 0.35%, to $ 74.91 a barrel by 0440 GMT, while U.S. West Texas Intermediate crude futures were at $70.97 a barrel, down 27 cents, or 0.38%. Both agreements last week notched their biggest weekly gains given that late September to reach their greatest settlement levels since Nov. 7 after Russia fired a hypersonic missile at Ukraine in a warning to...

Crude Oil

ADVISORY-Holiday schedule for significant United States economic, other data

The Thanksgiving Day federal holiday on Thursday, Nov. 28 will impact the release schedule of some significant economic, energy and products reports stemming from and/or submitted from Washington during the latter half of the Nov. 24 week. Below is the schedule for the week. Times in EST/GMT. Some Treasury statements are subject to change. Monday, Nov. 25 Federal Reserve Bank of Chicago problems National Activity Index for October, 0830/1330 Federal Reserve Bank of Dallas concerns Texas Manufacturing Outlook Survey for November, 1030/1530 U.S. Department of Agriculture (USDA) launches weekly U.S. export assessments for grains, oilseeds, 1100/1600 Treasury Department holds weekly...

Crude Oil

J.P. Morgan sees Brent oil cost averaging $73 a barrel in 2025

J.P. Morgan sees the cost of Brent oil averaging $73 per barrel (/ bbl) in 2025 and expects it to close the year strongly listed below $70/bbl, with U.S. West Texas Intermediate at $64/bbl, the bank stated in a note on Friday. Our view on 2025 has actually remained mainly the same over the past year: we look for a large 1.3 mbd (million barrels per day) surplus and a typical Brent of $73, the note stated. The bank sees worldwide oil demand development slowing down from 1.3 mbd this year to 1.1 mbd next year, including that China is...

Refined Products

Oil heads for weekly gains as Ukraine war magnifies

Oil costs held constant on Friday, on track for a weekly rise of 5%, as the Ukraine war magnified and Chinese imports were set to increase in November. Brent crude futures climbed 33 cents, or 0.44%, to $ 74.56 a barrel by 1008 GMT. U.S. West Texas Intermediate crude futures rose 27 cents, or 0.39%, to $70.37 per barrel. Both agreements are set for gains of 5% this week, the greatest weekly rise since late September, as Moscow steps up its Ukraine offensive after Britain and the United States allowed Kyiv to strike Russia with their weapons. Putin stated on...

Refined Products

Oil costs firm as geopolitical stress raise supply issues

Oil costs edged higher on Thursday due to supply concerns activated by intensifying geopolitical tensions amid the continuous war in between Russia and Ukraine. Brent crude futures for January rose 28 cents, or 0.4%, to $73.09. U.S. West Texas Intermediate crude futures for January rose 28 cents, or 0.4%, at $69.03. Ukraine fired a volley of British Storm Shadow cruise rockets into Russia on Wednesday, the latest brand-new Western weapon it has been allowed to utilize on Russian targets a day after it fired U.S. ATACMS missiles. Moscow has said making use of Western weapons to strike Russian territory far...

Fossil Fuels

Koch sheds jobs throughout its oil trading business, sources say

Koch Industries is cutting or dealing with departures of staff members across its trading division, several sources acquainted with the matter said on Wednesday. The cuts are happening in the company's Minerals and Trading system (KM&T) and include staff in the United States, as well as other places around the globe, the sources said, decreasing to be named due to the fact that they were not authorized to speak on the record. Koch did not right away react to ask for remark. Among the departures are Brady Cook, who had managed oil for the company, among the sources said, pointing...

Europe

Fossil Fuels

British Company - Dec 2

The following are the leading stories on the business pages of British papers. Reuters has not confirmed these stories and does not guarantee their precision. The Times - National Health Providers managers have alerted that important services will be cut back and A&E departments danger being turned into battle zone to strike a target for routine operations that Sir Keir Starmer will put at the centre of his prepare for federal government today. - Stellantis CEO Carlos Tavares resigned quickly on Sunday, two months after a profit caution at the maker of Jeep, Fiat and Peugeot vehicles that has lost...

Oil & Gas

Russia's Rosneft might postpone refinery modernisation due to high rate of interest, taxes

Rosneft, Russia's. biggest oil producer, stated on Friday it might delay updating. its refineries due to high rate of interest and taxes, as its. ninemonth profit fell 13.9% year on year to 926 billion roubles. ($ 8.7 billion). Industry sources told Reuters this month that a minimum of three. Russian refineries, consisting of Rosneft-owned Tuapse plant, had to. stop processing or cut runs due to monetary losses amid export. curbs, increasing unrefined costs and high borrowing costs. Rosneft's head Igor Sechin, a longstanding ally of President. Vladimir Putin, has actually long criticised the central bank for its. tight financial policy....

Fossil Fuels

Orlen has lost $1.2 bln on petrochem project, state audit finds

Polish refiner Orlen is estimated to have actually lost 5 billion zlotys ($ 1.22 billion) on the Olefins petrochemicals job, State Assets Minister Jakub Jaworowski said on Wednesday as he provided the results of an audit of state companies. The losses in the Olefin job are estimated at 5 billion zlotys, Jaworowski stated. Orlen has stated it will not continue with the project in its current form and will choose by December in between optimising,. suspending or ending the investment. The Ministry of State Assets' audit of state treasury. companies was introduced after the brand-new union federal government of. Donald...

Western Europe

Middle East

Crude Oil

OPEC+ to hold Dec 1 oil policy meeting online, sources say

OPEC+ will hold its Dec. 1 oil policy meeting online, two OPEC+ sources stated on Monday, with the manufacturer group set to discusss a more hold-up to strategies to raise output. OPEC+, which consists of the Company of the Petroleum Exporting Countries (OPEC) and allies such as Russia, may once again press back output increases since of weak global oil demand, OPEC+ sources informed Reuters last week. Both of the sources on Monday decreased to be recognized by name. OPEC, which has actually not specified the format of the conference, did not respond right away to a request for remark....

Crude Oil

Oil holds at 2-week high as Russia, Iran stress support costs

Oil costs hovered near twoweek highs on Monday following 6% gains recently, as geopolitical tensions heightened between western powers and major oil manufacturers Russia and Iran, raising risks of supply disturbance. Brent crude futures climbed up 13 cents, or 0.2%, to $ 75.30 a barrel by 0115 GMT, while U.S. West Texas Intermediate unrefined futures were at $71.38 a barrel, up 14 cents, or 0.2%. Both contracts recently notched their greatest weekly gains given that late September to reach their highest settlement levels since Nov. 7 after Russia fired a hypersonic rocket at Ukraine in an alerting to the United...

Oil Refineries

China's Nov petroleum imports to rebound as low prices enhance buying

China's crude oil imports are set to rebound in November after sharp price cuts increased demand for Iraqi and Saudi oil, offsetting a drop in Iranian supply, according to experts, traders and shiptracking data. A downturn of 17% in global oil rates in the 3rd quarter likewise stimulated Chinese stockpiling demand while refiners prepare for greater seasonal fuel usage ahead of the Lunar New Year vacation looking in late January, analysts say. The November rebound in volumes for the world's leading crude oil importer comes after 6 successive months of yearly declines as Chinese refiners dealt with weak margins and...

Energy Markets

Oil increases as intensifying Ukraine war increases supply risk

Oil rates increased on Friday after Russia said it had fired a ballistic missile at Ukraine and alerted of a widening dispute, raising the possibility of tightening up unrefined materials. Brent unrefined futures gained 14 cents, or 0.2%, to $ 74.37 a barrel by 0007 GMT. U.S. West Texas Intermediate crude futures increased 17 cents, or 0.2%, to $70.27 per barrel. Russian President Vladimir Putin said on Thursday that the Ukraine war was growing into a worldwide dispute after the U.S. and Britain allowed Ukraine to strike Russia with their weapons. Putin, who said Russia responded to using U.S. and...

Coal

A trillion dollar question - fossil fuel aids

Federal governments around the globe are ploughing billions of dollars into fossil fuel subsidies to shelter people from higher energy costs, but that comes at a. financial burden, develops ineffectiveness, and obstructs the objective of. decreasing total usage. At the U.N.'s COP29 environment top in Baku, conversations are. continuous over decreasing distortions and inefficiencies produced by. aids - a crucial to decrease the production and use of fossil. fuels, which contribute significantly to climate modification and. pollution. JUST HOW MUCH DO GOVERNMENTS SPEND ON FOSSIL FUELS? The International Energy Company (IEA) computed that fossil. fuel consumption aids stood at $620...

Energy Markets

China, UAE might cut Iran condensate imports if Trump tightens curbs, FGE states

Iran's condensate exports to China and the United Arab Emirates will most likely decrease if U.S. Presidentelect Donald Trump tightens up sanctions on Tehran, but supply to Venezuela would continue, analysts at consultancy FGE said. Balancing out the loss in Iranian supply, more condensate will be produced from projects in Qatar and Saudi Arabia from 2026, they added. Condensate, an ultra light oil, is usually processed at splitters to produce mainly petrochemical feedstock naphtha or used as a diluent for heavy crude such as those from Venezuela. Iran presently exports 100,000-150,000 barrels daily (bpd). of condensate which generally goes to...

Refined Products

Oil prices hold their ground after falling on China stimulus

Oil prices were little changed in early trading on Tuesday, waiting for more rate direction from OPEC's month-to-month report after China's stimulus strategy and oversupply issues took the wind out of markets in prior sessions. Brent unrefined futures fell 1 cent to $71.82 a barrel, by 0158 GMT. U.S. West Texas Intermediate unrefined futures were at $68.07 a barrel, up 3 cents. Both agreements had fallen by more than 5% over the previous two trading sessions. China on Friday unveiled a 10 trillion yuan ($ 1.40 trillion) financial obligation package to ease city government financing strains, however experts said it...

Crude Oil

Oil rates fall more than 1% as Cyclone Rafael risk recedes

Oil prices fell on Friday on declining fears over the effect of Cyclone Rafael on oil and gas facilities in the U.S. Gulf while financiers also weighed up fresh Chinese economic stimulus. Brent petroleum futures lost $1.17, or 1.55%, to $ 74.46 a barrel by 1051 GMT. U.S. West Texas Intermediate (WTI). crude was down $1.31, or 1.81%, at $71.05. The criteria have actually reversed Thursday's gains of nearly 1%,. but Brent and WTI are still on track to finish 2% up over the. week, with investors also analyzing how U.S. President-elect. Donald Trump's policies may affect oil supply and...

Fossil Fuels

Trump might solidify Iran oil stand however raise China ire, analysts say

Former President Donald Trump's go back to the White House could imply harder enforcement of U.S. oil sanctions versus Iran, possibly trimming global materials, however could also carry geopolitical risks consisting of raising the ire of its leading customer China, according to experts. Cracking down on OPEC-member Iran would support international oil rates, however the result might likewise be offset by other Trump policies, from steps to broaden domestic drilling, the imposition of tariffs on China that might depress financial activity, or an easing of relations with Russia that could unfetter its sanctioned crude deliveries. Trump cuts both methods for...

Crude Oil

China's inexpensive Iranian oil supply at danger from tighter Trump sanctions

China faces a capture on products of cheap Iranian crude, which make up about 13% of imports by the world's most significant buyer of oil, if Donald Trump increases enforcement of sanctions on Tehran after his return as U.S. president in January. Trump, who won Tuesday's election, Edison Research study predicted, is anticipated throughout his 2nd term to re-impose his optimal pressure policy of increased sanctions on Iran's oil industry over issues about its nuclear programme, say Iranian, Arab and Western officials. Such a relocation would raise the cost of China's imports, piling pressure on a refining sector coming to...

Refined Products

Oil sell tight range ahead of US election

Oil prices traded in a. narrow range on Tuesday ahead of what is anticipated to be an. remarkably close U.S. governmental election, after rising. more than 2% in the previous session as OPEC+ delayed strategies to. hike production in December. Brent crude futures ticked up 14 cents, or 0.19%, to. $ 75.22 a barrel by 0400 GMT, while U.S. West Texas Intermediate. crude was at $71.6 a barrel, up 13 cents, or 0.18%. We are now in the calm before the storm, IG market analyst. Tony Sycamore stated. Oil prices were supported by Sunday's announcement from the. Organization of the...

Energy Markets

OPEC oil output increases in October as Libyan supply rebounds, survey discovers

OPEC oil output rebounded in October from its lowest this year the previous month as Libya resolved a political crisis, a Reuters survey found, although a. additional Iraqi effort to fulfill its cuts vowed to the wider OPEC+. alliance limited the gain. The Organization of the Petroleum Exporting Countries pumped. 26.33 million barrels each day last month, up 195,000 bpd from. September's overall, the survey on Monday found, with Libya. posting the biggest gain. Libyan output recuperated after the resolution of a disagreement. over control of the central bank, permitting full production to. resume at oilfields. The extra supply put...