Refined Products

The Energy Information Administration reported on Thursday that the U.S. gas demand for May was the lowest since the coronavirus outbreak of 2020. This indicates consumers are cutting back on fuel purchases, despite the lower price. The EIA proxy for demand is the product supplied of finished motor gas, which averaged 9.06 million barrels per day in May. This represents a 3.6% decrease from last year. Donald Trump, the U.S. president, has claimed credit for lowering gas prices. They had risen to a record-high in 2022 because of supply disruptions due to Russia's invasion. Analysts have stated that the decline...

Intercontinental Exchange (parent of the New York Stock Exchange) beat its second-quarter profit expectations on Thursday as increased volatility led to record revenue. During periods of volatility, exchanges flourish as investors rebalance their portfolios in order to take advantage of opportunities and mitigate risks. This increases trading volume. The sweeping tariffs of U.S. president Donald Trump sparked volatility in April. Meanwhile, tensions in the Middle East increased in June. The volatility index (a barometer of market uncertainty, and Wall Street’s most watched gauge of investor anxiety) spiked in April to record highs before easing off as the markets calmed down...

PBF Energy announced on Thursday that its Martinez refinery is partially operational. The remaining units will run at reduced capacity while repairs are completed. A full restart of all the remaining units is planned for the end of 2025. A fire had broken out at the 156,400-barrel-per-day (bpd) Martinez refinery on February 1, which had impacted operations. The company announced that the refinery had begun to produce limited quantities of jet fuel, gasoline and intermediates. PBF Energy anticipates that the total throughput will be between 85,000 and 105,000 bpd during the limited period of operations. The company also reported smaller-than-estimated...

Cenovus Energy, a Canadian oil and natural gas producer, reduced its forecast for its upstream production in the full year on Thursday. It cited the temporary shutdown of its Rush Lake facility. The company responded to an early-May steam leak from a casing rupture in an injection well, resulting in the temporary shutdown of Rush Lake's facilities in central-west Saskatchewan. Cenovus expects upstream production in 2025 to range between 805,000 and 825,000 barrels of oil-equivalent per day, as opposed to the 805,000 to 845,000 previously projected. The total upstream production for the second quarter was 765.900 boepd. This is down...

Refiner HF Sinclair surpassed Wall Street expectations for the second-quarter profits on Thursday, as higher refining rates helped offset lower volumes. Its shares rose about 1% to $43.80 before market opening. Top U.S. refiners were expected to post higher second-quarter profits, rebounding from first-quarter losses as stronger-than-expected diesel margins lifted earnings. The higher margins allowed competitors such as Valero Energy, Phillips 66 and others to surpass Wall Street expectations. Fuel manufacturers have experienced an unexpected increase in profits in recent months. This is a relief to those who saw their earnings fall from the 2022 highs, due to a rebound...

Trade sources say that Asia will increase imports of U.S. West Texas intermediate crude in the fourth-quarter after Middle East oil price increased and opened arbitrage window. They said that the price gap between light-sweet U.S.WTI oil and Middle East crude benchmarks Dubai & Murban has narrowed this month due to strong demand in Asia for high-sulfur oil. WTI's Arbitrage to Asia has been open for the last week for cargoes that arrive in early November. This was stated by June Goh, senior analyst at Sparta Commodities. Sources said that U.S. oil producer Occidental sold WTI crude to Japanese refiner...

The price of oil was stable on Thursday, as investors assessed the risks of a supply shortage amid President Donald Trump’s call for a quick resolution to the Ukraine war through additional tariffs. However, a surprising build-up in U.S. crude stock weighed on the prices. Brent crude futures September expiring on Thursday fell 10 cents or 0.1% to $73.14 per barrel at 0345 GMT. Brent's October contract, which is more active, was down 14 cents or 0.2% at $72.33. U.S. West Texas Intermediate Crude for September fell 5 cents or 0.1% to $69.95 per barrel. Both benchmarks closed 1% higher...

The oil price rose for the fourth consecutive day on Thursday as investors were worried about supply shortages in light of President Donald Trump’s call for a quick resolution to the conflict in Ukraine, and his threats against countries that buy Russian oil. Brent crude futures expiring on Thursday rose 27 cents or 0.4% to $73.51 per barrel at 0028 GMT. U.S. West Texas intermediate crude for September rose 37 cents or 0.5% to $70.37 per barrel. Both benchmarks closed 1% higher Wednesday. Brent's October contract, which is the most active, was up 29 cents or 0.4% at $72.76. Toshitaka...

In a letter sent to Republican legislators, a leading U.S. refinery trade group criticized the Trump Administration's biofuel policy. This is the biggest disagreement between the oil industry and the president since he returned to the White House. The letter, dated July 25, from the American Fuel and Petrochemical Manufacturers (AFPM), seen by also reflects an increasing divide between U.S. refiners and oil producers, an alliance which has been fractured over recent years due to biofuels policies. ExxonMobil, Chevron and other integrated oil companies have invested large sums of money in biofuel production. Independent refiners such as PBF Energy and...

The original version of this article was published in On The Money, a newsletter that shares personal finance insights and tips from the United States every two weeks. Subscribe here to get it free. It's time to get rid of capital gains tax on your house. My humble opinion: The most important personal finance story! This week, President Donald Trump has announced that he is considering eliminating capital gains taxes from home sales. Trump told reporters at the Oval Office that if the Fed lowered the rates, then we wouldn't have to do anything. "But we're thinking of no tax...

Valero Energy, a refiner, beat Wall Street's expectations for the second quarter profit on Thursday. A rebound in refining profits helped to cushion the loss of its renewable diesel unit. Investors expected top U.S. refining companies to report higher profits in the second quarter. bouncing back Profits increased during the first quarter of the year, despite the fact that diesel prices were unseasonably high. Valero is the first major refiner in this earnings season to report results. Its refining margin was $12.35 per barrel throughput, up from $11.14 a year ago. Lane Riggs, CEO of Lane Riggs Oil Company, said:...

Dow Inc. halved their dividend and forecast revenue for the third quarter below analyst expectations, as the chemicals manufacturer navigated a prolonged industry downturn. This sent its shares down by nearly 10% during premarket trading. Chemical companies around the world are under pressure from higher production costs, a lackluster market and strict environmental regulations. In response to structural challenges, Dow announced earlier this month that it would close three upstream facilities in Europe. Dow will also cut 800 jobs. In 2024, it began a strategic assessment of some of its European asset. Tariff uncertainty weighed on the net quarterly sales...

Data from oil analytics company Kpler revealed that fuel importers in California received gasoline from Saudi Arabia’s Jubail industrial port after maintenance at India's world's biggest refinery helped to open up the rare arbitrage. Kpler reports that three gasoline shipments, totaling 886,000 barrels, from Saudi Arabia's Jubail industrial port have been discharged at Southern California's Olympus terminals in the last few months. California hadn't imported fuel from Saudi Arabia since the year 2022. In 2025, about 40% of the gasoline imported by the terminal came from Jamnagar. This was because Jamnagar had a maintenance shutdown in April. Yui Torikata, Kpler's...

After a spike in the previous session of over 3%, oil prices were down in Asian trade Wednesday as investors waited for developments regarding President Donald Trump's new deadline to Russia to end its war in Ukraine. Brent crude futures were up 8 cents or 0.12% to $71.81 a barge by 0419 GMT. U.S. West Texas Intermediate crude was also up 8 cents or 0.12% to $69.29 a barge. Brent crude, the September contract that expires on Wednesday, was up 18 cents to $72.69 per barrel. The settlements of both contracts on Tuesday were the highest since June 20, 2006....

Kuwait's Oil Minister said he is optimistic about the fundamentals of the oil market and that OPEC+'s efforts aim to achieve market balance, according to the state news agency KUNA on Tuesday. Tariq Suleiman Al-Roumi made his comments after the OPEC+ Meeting on Monday. Al-Roumi, along with other ministers of the Joint Ministerial Monitoring Committee, met online to have a brief discussion and stress the importance of full compliance with oil agreements. KUNA reported him saying that he was "optimistic" about the fundamentals on the oil market, and that OPEC+'s efforts were aimed at energy security and the market balance....

The price of oil rose on Tuesday as investors hoped for improved economic activity following the U.S. EU trade deal and a possible truce in U.S. China tariffs. Also, President Donald Trump's shortened deadline to Russia for ending the Ukraine conflict boosted the market. Brent crude futures rose 24 cents or 0.34% to $70.28 a bar by 0000 GMT. U.S. West Texas Intermediate Crude was up 22 cents or 0.33% at $66.93 a bar. Brent reached its highest level in over two years on Monday, surpassing the previous session by more than two percent. The United States-European Union trade agreement,...

A panel of OPEC+ members on Monday emphasized the importance of full compliance with oil production agreements, in advance of Sunday's separate meeting of eight OPEC+ member countries to decide whether or not to increase oil output for September. Online, the Joint Ministerial Monitoring Committee (JMMC), which is composed of top energy ministers of the Organization of the Petroleum Exporting Countries, as well as their allies, led by Russia convened for a brief discussion. The JMMC is a two-monthly meeting that has the authority to call a full OPEC+ meeting to discuss market developments if necessary. In a press release...

The oil prices rose in Asian trade Wednesday, after three straight sessions of declines. A U.S.-Japan trade agreement signaled progress on tariffs. However, gains were limited by the fading hope for a breakthrough during an EU and China summit. Brent crude futures were up 21 cents or 0.31% to $68.80 per barrel at 0351 GMT. U.S. West Texas Intermediate Crude Futures rose 17 cents or 0.26% to $65.48 a barrel. The benchmarks fell about 1% the previous session, after the EU announced it was considering countermeasures to U.S. Tariffs. Hopes for a deal before the August 1 deadline faded. On...

Investor sentiment was weighed down by concerns that a brewing trade conflict between the U.S., the European Union and other major oil consumers would reduce fuel demand growth through a reduction in economic activity. Brent crude futures dropped 24 cents or 0.35% to $68.97 per barrel at 0055 GMT, after closing 0.1% lower Monday. U.S. West Texas Intermediate Crude was trading at $69.99 a barrel. This is down 21 cents or 0.31% from the previous session, which saw a loss of 0.2%. The WTI August contract expires Tuesday, and the September contract, which is more active, was down 23 cents...

The Zambian government announced on Monday that it had signed an agreement paving the way for a crude oil refinery complex and energy facility worth $1.1 billion to be built in Ndola, in the copperbelt region of the country. A government statement stated that the planned facility would process around 60,000 barrels of crude oil per day, supplying enough refined products to meet all of Southern Africa's current fuel needs and possibly allowing future exports to neighboring countries. The statement also added that the project will save millions of dollars in fuel imports annually once it is completed. Construction is...

The Iranian oil ministry's SHANA News Agency reported that the fire, which started on Saturday and killed one employee at Abadan's refinery unit, was brought under control. The operations are not affected, it was said. Shana reported that "according to preliminary technical investigations, the cause of fire was a leaking pump in Unit 70. No evidence of human intervention or sabotage has yet been observed." Firefighters from Abadan, and other nearby areas, were reported by state television. Local news agencies had earlier published videos of large flames and smoke stacks rising from a section of the refinery. The facility is...

According to LSEG data and other market sources, the Russian seaborne exports of diesel and gasoline fell by 6% in the first 15 day period of July compared to the same period in 2006. Refinery maintenance and a strong domestic demand affected the supply. According to industry sources, calculations have shown that the offline capacity of Russia's primary oil refineries has increased by 20% to 3.9 millions metric tons in July, which includes maintenance at several large and mid-size refining plants. Refineries use less feedstock when idle capacity increases. In the first 15 days in July, diesel loadings through the...

Oil prices rose in early trade on Thursday, reversing the previous session's losses, buoyed by stronger-than-expected economic data from the world's top oil consumers and signs of easing trade tensions. Brent crude futures were up 27 cents or 0.39% to $68.79 per barrel at 0000 GMT. U.S. West Texas Intermediate Crude Futures rose 31 cents or 0.47% to $66.69. Both benchmarks dropped more than 0.2% the previous session. The Energy Information Administration reported that U.S. crude oil inventories dropped by 3.9 millions barrels, to 422.2 million last week. This was a greater decline than the forecast of a 552,000 barrel...

The oil prices rose on Tuesday, driven by the expectation of a strong summer in the two world's largest consumers: the United States and China. However, gains were limited by the caution expressed by analysts about the economy as a whole. Prices have been fluctuating in a narrow range, as the signs of steady demand due to an increase in summer travel in the Northern Hemisphere have been competing with fears that U.S. Tariffs on trading partners would slow economic growth and fuel usage. Brent crude futures were up 13 cents or 0.2% to $68.84 per barrel at 0411 GMT....