Refined Products

China has again reduced its gasoline and diesel price increases to half of what they usually are. This is to try to reduce the rising oil prices caused by the Iran War and the closure of the Strait of Hormuz. The oil prices continued to rise after Iran rejected the United States' ceasefire proposal and as a deadline for Tehran, set by U.S. president Donald Trump, to come up with a deal before he was "taken out", grew closer. The NDRC (National Development and Reform Commission) announced that the retail gasoline and diesel prices would increase by 420 yuan and...

U.S. refiner Philips 66 reported on Monday that its first-quarter earnings were impacted by a sharp rise in commodity prices. This left?it? with nearly $900,000,000 in mark-to market losses before taxes, according to an SEC filing. The U.S. and Israeli war against Iran started in late February. Iran's closure of the Strait of Hormuz - a chokepoint for a fifth of world oil and gas supplies - has caused global energy markets to be roiled and crude prices have soared. Phillips 66’s losses are mainly due to its net short positions in derivatives contracts relating to crude oil and refined...

A law firm representing Venezuelan oil businessman Wilmer?Ruperti said that the country's intelligence police had released him from a detention, after a video was posted on social media of him at his home. Ruperti attended a meeting on March 19, which was organized by the authorities. Ruperti's security detail was arrested and released soon after. Winston & Strawn, a law firm, said in an email that "he was released from the Sebin police detention but we have no explanation or charges from the Government stating the reason for his detention." "We find his detention to be inappropriate and are concerned...

On Thursday, traders scrambled to get barrels after U.S. president Donald Trump pledged to continue his attack on Iran. Investors may perceive that supplies will be limited in the short-term if they see a widening backwardation. This is the term used to describe immediate deliveries which are trading at a higher price than barrels due for delivery in a future month. WTI crude futures?May delivery traded around $15.70 higher per barrel than the June contract during the session. The U.S. and Israeli war against?Iran is nearing its fifth week. This has caused millions of barrels of oil to be removed...

Market experts say that U.S. President Donald Trump’s speech to the nation on Wednesday, where he promised more aggressive'strikes' on Iran, is putting consumers on a course for record fuel prices at the pump, just ahead of the peak summer travel season in the country. Americans were expecting Trump's speech would outline a plan for ending the Iran war and opening the Strait of Hormuz. Iran's blockade of this global oil conduit is causing oil and fuel costs to skyrocket, pinching the wallets of consumers. Trump, however, promised to bomb Iran into the "Stone Ages", and that the Strait of...

A spokesperson from India's Foreign Ministry said that the Maldives was seeking fuel supplies. India?is still shipping fuel to its neighboring countries?, she added. Randhir Jaiswal, at a press conference, stated that India is the world's?fourth largest refiner? and supplies fuel to Bangladesh, Nepal, Bhutan, and Sri Lanka. The government of Maldives also contacted us to supply petroleum products on a short-term as well as long-term basis. Jaiswal stated that the request from Maldives is being evaluated in light of our own needs and availability. According to World Bank statistics, the Maldives sources most of its fuel from Oman. The...

The New York Auto Show saw major automakers unveil new 'electric vehicles' on Wednesday, despite weak consumer demand and sales that have plummeted since Washington removed the $7,500 tax credit for EVs. Kia announced that it will'start selling its lower-priced EV3 to the United States in later this year. Subaru also offered a three-row EV called the "Getaway", which can seat seven. The Japanese automaker will launch its family EV SUV in the U.S. later this year or early next year. It is their fourth EV. The U.S. electric vehicle market is becoming more competitive, but the recent rise in...

Retail sales in the United States increased the most since'seven months' in February, as motor vehicle purchases recovered and temperatures rose. However, rising gasoline prices due to the Middle East war could limit spending in months ahead. Commerce Department's delayed report from?Wednesday indicated that the economy had been on a solid footing before?the U.S. and Israel war with Iran. The conflict that began at the end February has caused global oil prices to surge by more than 50%. This week, the average national retail gasoline price surpassed $4 for the first time since more than three year. Economists have warned...

In a Wednesday decree, the Argentine government announced that it would delay the implementation of tax increases scheduled for liquid fuels, carbon dioxide and other pollutants. This was done in response to the global instability brought about by the U.S./Israeli war on Iran. The decree stated that the move was intended to "support economic growth by sustainable fiscal measures". The decree also stated that the measure would delay the anticipated?tax increase on liquid fuels, carbon dioxide, and other gases for a month, to the end of April. The decree added that this is the second step taken by President Javier...

Retail sales in the U.S. increased in February, as motor vehicle purchases rebounded. Temperatures also warmed. However, rising gasoline prices due to the war in the Middle East may?cripple spending in upcoming months. The Commerce Department's Census Bureau reported on Wednesday that retail?sales increased 0.6% following a 0.1% decline in January. The economists polled had predicted that retail sales (which are mainly goods and not adjusted for inflation) would rise 0.5% following a 0.2% decline in January. After the government shutdown last year, the?Census Bureau has yet to release data. U.S./Israeli conflict with Iran pushed global oil prices up more...

Tom Barkin, Richmond Federal Reserve Bank president, said that businesses continue to believe high oil prices are only a temporary disruption. There is little evidence yet to suggest they have caused consumers to cut back on their spending or changed public expectations of inflation in an alarming way. Barkin said on Tuesday that he had a "short-term" view of the situation based on his weekly credit card spending data and his conversations with executives on pricing, investments and other topics. "Gas expenditure is up, but other spending looks healthy," said Barkin. Barkin is not voting on interest rate policy for...

African governments have increased fuel prices sharply as global oil 'prices are surging due to the Iran War. This could spark inflation on the continent. Most African countries import a large amount of petroleum products. This leaves them vulnerable to disruptions in supply. South Africa, the continent's biggest economy, reduced its fuel tax for a month on Tuesday to curb future price increases in April. This came after business and trade union groups pressed the government to act. CONSIDERING FURTHER ACTIONS The National Petroleum Authority in Ghana raised the'mandatory minimum prices floors' for the April 1-15 price window. This pushed...

Kang Hoon Sik, the South Korean chief of staff to the president, said that he was traveling to Kazakhstan, Oman and Saudi Arabia on Tuesday to procure crude oil and naphtha due to disruptions in shipping through Strait of Hormuz. Kang will depart on Tuesday evening as the special envoy of President Lee Jae Myung to hold discussions with governments, energy firms, and ship operators in order to ensure that cargoes arrive at 'domestic ports' and to maintain stable supplies of essential goods, such as medical products. He said that South Korea needed to diversify its supply lines urgently, as...

Donald Trump, the U.S. president, told reporters on Monday that Iran could be 'taken out' in one night "and that might just 'be tomorrow night", and warned Tehran that it must reach a deal with Iran by Tuesday night. Trump had earlier promised to enforce a deadline of Tuesday night for Iran to accept a ceasefire agreement or face broad attack on power plants and critical infrastructure. He told a press conference at the White House that "the entire country could be taken out in a single night. That night may even be tomorrow." U.S. defense secretary Pete Hegseth said...

Donald Trump, the U.S. President, said that the deadline of Tuesday for Iran to reach a peace agreement is final. He called Iran's "peace proposal" significant but not enough. Trump warned that U.S. troops would launch a broad attack on Iranian infrastructure in the event his deadline of Tuesday night is not met. Iran rejected Trump's Tuesday deadline. "They made a proposal, and it is a significant one. This is a major step. "It's not good enough," Trump said to reporters at an Easter Egg event on the South Lawn of the White House. The war could be over very...

Industry sources say that spot premiums for U.S. West Texas Intermediate crude are at all-time highs due to the fierce competition for oil supply between Asian and European refiners. This is in response to Middle Eastern oil flow disruptions caused by the Iran War. Europe is the biggest importer of U.S. oil, but the competition has increased as Asian buyers are searching for supplies from the Americas and Africa to Europe to replace Middle Eastern crude that cannot move through the Strait of Hormuz. Sources and analysts say that the increase in crude oil prices has increased costs for refiners...

Donald Trump, while praising the U.S. military for their rescue of an airman in a high-risk mission deep inside Iran, threatened to "rain hell" on Tehran?if it didn't make a deal by Tuesday and reopen Strait of Hormuz. Special forces rescued an American airman from Iran in a mission that was high-risk. Israel and the U.S. have been pounding Iran with airstrikes and missiles for more than five weeks in order to eliminate what they claim is an imminent threat posed by Iran's ballistic missile arsenal, nuclear weapons development program and support for regional proxy militias. Tehran has closed down...

A government official reported that Indian police seized 414 cooking gas 'canisters' hidden in a cemetery in Hyderabad this week and arrested people who were trying to sell them in the "black market" amid shortages due to the Iran war. The authorities have intensified raids in order to reduce the hoarding and stockpiling of liquefied gas canisters following the U.S./Israeli war on Iran, which disrupted shipping and caused shortages. India is the second largest LPG importer in the world. India, the world's No. 2 LPG importer meets 60% of its demand through overseas purchases. Sujata?Sharma, a senior officer in the...

A government official said that Indian police seized 414 canisters of cooking gas hidden in a cemetery in Hyderabad and arrested people who were trying to sell the canisters on the black market. This was in response to shortages caused by 'the Iran War. The authorities have increased raids in order to reduce the hoarding and stockpiling of liquefied gas canisters, after the U.S./Israeli war on Iran caused shipping disruptions that led to shortages. India is the second largest LPG importer in the world. About 60% of India's LPG demand is met by overseas purchases. Sujata sharma, a senior official...

The President of Russia, Vladimir Putin, said that Russia and Egypt could discuss creating a "grain-and-energy hub" in the North African country. Putin brought up the idea at a meeting with Egyptian Foreign Minister Badr Abdelatty in the Kremlin, saying there were "many fascinating ideas" to be discussed. Abdelatty said, through an interpreter: "Egypt welcomes the Russian initiatives." In the televised portion of their meeting neither participant elaborated on?the "hub' proposal. In response to the waves of Western sanctions imposed over the conflict in Ukraine, Russia has sought new ways to distribute its?energy exports and commodities. Egypt is playing an...

Oil prices rose more than $4 on Thursday, after President Donald Trump announced that the United States will 'continue to strike iran in the coming weeks, including energy and oil targets, but did not give a timeline for the end of the war. Brent crude futures increased by $4.88 or 4.8% to $106.04 a barrel at 0200 GMT. U.S. West Texas Intermediate Crude Futures rose $4.17 or 4.2% to $104.29 per barrel. Both benchmarks fell by more than $1 on Thursday, before Trump's speech. They also settled lower the previous session. Trump stated in a televised address?to the country that?the...

Fatih Binol, the head of the International Energy Agency, said that oil supply disruptions from the Middle East would?rise? in April. They will begin to?impact? the European economy because the Strait of Hormuz is closed. He added that more than 12 million barrels have been lost due to the attacks by Iran on energy?assets and the restrictions on shipping through Strait since the U.S./Israel war against Iran began. "The loss of oil in April will be double the loss of oil in March. On top of that, the loss of LNG... The loss of?oil in April will be twice as...

Brent futures extended gains following a'record monthly % increase in March. Middle East volatility continued to keep markets jittery, despite reports suggesting that the U.S. and Israeli war against Iran could be coming to an end. Brent front-month contract for June rose $1.40 or 1.4% to $105.37 a barrel at 0430 GMT. Brent logged a monthly gain record of 64% in march, according to LSEG's data dating back to June 1998. The U.S. West Texas Intermediate (WTI), crude futures for the month of May increased by $1.59 or 1.6% to $102.97 per barrel. Brent futures for June delivery recovered some...

Early Wednesday, oil prices rose, as Brent front-month contracts?extended a record rally in March, despite reports suggesting that the U.S., Iran, and other Middle East countries may be moving closer to a negotiated settlement of the 'war. Brent front-month contract for June delivery rose?66cents or 0.63% at $104.63 per barrel by 0010 GMT. According to LSEG, the front-month Brent contract for June?delivery hit a monthly record gain of 64%. U.S. West Texas Intermediate crude futures (WTI) for May increased by 96 cents, or 0.95%, to $102.34 a barrel. WTI futures in June rose by 46?cents, or 0.49%, to $93.62 a...