Refined Products

Donald Trump, the U.S. president, said that Harry Sargeant III, a billionaire energy entrepreneur and Republican donor who is a Republican donor to the U.S. government has no authority to act for them. He also added that relations between Venezuela and?the U.S. had been "extraordinary." "He has no authority to act for the United States of America in any way, shape, or form. Neither does anyone else who is not approved by State Department." Trump stated in a Truth Social post that without this approval, nobody is authorized to represent the United States of America. He was apparently referring to...

Refiner PBF Energy posted a surprise profit Thursday, as lower crude oil prices boosted refining margins. PBF earned 49 'cents 'per share on a adjusted basis during the fourth quarter. Analysts had estimated a loss per share of 10 cents, according to LSEG data. Refiners in the U.S. saw their profits rebound from multi-year lows in 2024. This turnaround was fueled?by tighter fuel supplies globally and an increase in seasonal demand that boosted profits. The recovery follows a slump in 2024, when margins fell from their post-pandemic peaks as supply disruptions related to Russia's invasion of Ukraine in?2022 eased. Matthew...

On Thursday, the administration of Donald Trump plans to announce "the repeal" of a scientific conclusion that greenhouse gas emissions endanger human sanity. This will remove the legal basis of federal climate regulations. This is the biggest climate change policy rollback the administration has ever made. It follows a series of regulatory reductions and other actions designed to reduce the restrictions on fossil fuel development, and to stymie clean energy deployment. Trump believes that climate change is a hoax and has pulled the United States out of the Paris Agreement. This leaves the United States, the largest contributor historically to...

PBF Energy, a refiner in the United States, reported a surprising profit on Thursday. Supply disruptions due to the Russia-Ukraine conflict and higher crude prices differentials helped boost refining margins. LSEG data shows that PBF 'gained 49c per share on a?adjusted -basis? in the fourth quarter. This compares to estimates of a 10c loss per share. The U.S. refinery industry experienced a strong recovery in the fourth-quarter, with?the benchmark 3-2-1 crack spread Rebounding from multi-year lowers in?2024. The turnaround was attributed to tighter global fuel supply and seasonal demand that boosted profits. The recovery comes after a slump in 2024,...

Izvestia, a Russian newspaper, reported on Thursday that Russia was preparing to ship crude oil and fuel to Cuba within the next few months. Cuba has been hit by fuel shortages since the U.S. cut off its oil supply. The communist-run Island has informed international airlines that there will be no jet fuel available. This is the latest sign of rapidly worsening conditions. Venezuela has been a major supplier of jet fuel to the United States for many years. However, since Washington's 'blocking of Venezuelan exports in mid-December, it hasn’t received any crude or refined products. A Russian diplomat said...

The price of oil held steady on Tuesday, as the'market waited to see what direction it would take while U.S. - Iran talks?continued. Brent crude oil futures were up 23 cents or 0.3% at $69.03 per barrel as of 0100 GMT. U.S. West Texas Intermediate Crude rose by 23 cents or 0.4% to $64.19 Iran's spokesperson for the foreign ministry said that the nuclear talks between Iran and the U.S. had allowed Tehran to gauge Washington’s seriousness, as well as a sufficient level of?consensus' to continue diplomatic efforts. Diplomats from Iran, the U.S. and Oman held talks last week to...

DuPont, a maker of industrial materials, forecast net sales for the full year and an?adjusted?profit that was above analyst expectations. The company beat fourth-quarter earnings estimates Tuesday thanks to stronger sales in its healthcare segment and ongoing business restructuring. The shares of the company rose by 2.3% during morning trading. DuPont has simplified operations due to higher production costs in Europe. Tighter environmental regulations have also pushed global chemical makers to re-evaluate their strategies. The board of directors approved the previously announced plans for last year. Separation Qnity Electronics is the company's?electronics division, which includes semiconductor technology and interconnect solutions....

DuPont, a maker of industrial materials, forecast a full-year adjusted net profit that was above analyst expectations. The company beat the fourth-quarter estimates on Tuesday thanks to higher sales and reorganization. The company has undertaken a strategic reorganization to streamline its operations. Escalating production costs in Europe, and stricter environmental regulations around the world have forced the chemicals industry to review their strategies. Arclin, a competitor, bought DuPont's heat-resistant fiber division, Aramids - which includes brands like body armor maker Kevlar - for $1.8 billion last year. The board of directors also approved the previously announced 2025 separation of its...

Adani Enterprises announced on Tuesday that an American agency is conducting civil?investigations into the company's transaction that could have involved Iran or other parties that are subject to U.S. sanction. The flagship company of the billionaire Gautam Adani-led group said that it received a request from the U.S. Treasury’s Office of Foreign Assets Control on February 4. This was after voluntary discussions about a Wall Street Journal article from June 2025 which alleged Adani linked firms imported Iranian liquid petroleum gas into India via shipping routes?that were possibly designed to avoid U.S. sanction. WSJ also reported in its report that...

The oil prices dropped on Monday, after the U.S. &?Iran committed to continuing talks about the Middle Eastern producer’s nuclear 'programme. This eased concerns over a potential conflict that could disrupt the supply from the area. Brent crude futures dropped 49 cents or 0.72% to $67.56 per barrel at 0134 GMT, after closing up 50 cents Friday. U.S. West Texas Intermediate Crude was $63.13 per barrel, down by 42 cents or 0.66% after a 26-cent increase at Friday's settlement. Tony Sycamore, IG's market analyst, said that crude oil prices have eased a bit in early trading this week. The market...

Cuba detailed on Friday an extensive plan to protect essential services and to ration fuel, as the communist government dug in its heels to defy a U.S. attempt to cut off?oil supplies to the Caribbean Island. Cubans are already facing severe shortages in food, fuel and medicine. The first rationing measure announced is the first since President Donald Trump warned of tariffs being imposed on any country that exports fuel to Cuba. Ministers of the government said that these measures will ensure fuel supply to key sectors such as agriculture, education, water, healthcare, and defense. As he outlined the details...

Sources familiar with the situation said that Mexican officials are looking at ways to ship fuel to Cuba in order to meet the island's "basic needs" such as transportation and electricity, without provoking Washington. Washington has threatened to impose tariffs on countries that supply fuel to Cuba. Sources said that high-level Mexican officials had been in contact with their counterparts in the United States to clarify the extent of the tariff threat described by President Donald Trump through an executive order, and to see if there was a possible way to get the fuel they desperately needed. Mexico's ability to...

QatarEnergy, the state-owned oil company, has increased the 'term price' for al-Shaheen crude loading in April, to the highest level in the last five months, according to?several sources?. This is due in part because the Middle Eastern market was supported by a better demand in India. According to the sources, the April term price of al-Shaheen oil was set at 87c per barrel according to Dubai's quotes. This is a significant jump from the March term price, which was 33c less per barrel. It was also the highest price since November. Spot premiums on Middle?Eastern oil have risen this month...

Investors worried about the escalating tensions between Iran and the U.S. pushed up oil prices on Thursday morning. Brent crude oil futures were up 34 cents or 0.49% at $69.74 per barrel at 0126 GMT. U.S. West Texas Intermediate Crude climbed 37 cents or 0.57% to $65.00. Both benchmarks closed higher on Wednesday. Brent futures rose 0.87%, and WTI more than 1.05% as investor concerns about U.S. - Iran tensions overshadowed a rise in U.S. oil stocks. After talks with Israeli Premier Benjamin Netanyahu, Donald Trump stated that the two leaders had not reached a "definitive agreement" on how to...

OPEC forecasts that world oil 'demand for crude oil from the wider OPEC+ producer groups will fall by 400,000.barrels per.day.in the second.quarter.from the first three.months of this year. A copy of its monthly report on oil seen by shows. OPEC reported that the world demand for OPEC+ oil will average 42.20 millions bpd during the second quarter. This is down from 42.60million bpd during the first quarter. The two forecasts were unchanged since last month's report. The OPEC+ group, which includes OPEC countries, Russia?and others, increased oil production last?year, after years of cuts. Production hikes were halted in the first...

The oil prices increased for the third consecutive day on Thursday, as the U.S.?may launch a military strike against a key Middle Eastern producer?Iran which could disrupt the supply of the region. Brent crude 'futures' rose 50 cents or 0.73% to $68.9 a bar by 0216 GMT. U.S. West Texas Intermediate Crude climbed 58 Cents or 0.92% to $63.79 a bar. Both contracts are up about 5% since January 26. They have reached their highest level since September 29. As a result of President Donald Trump's increased pressure to stop Iran's nuclear program, including threats of military strikes, and the...

Prices of oil were not much different on Monday, after rising more than 2% the previous session. Supply concerns held back benchmarks despite disruptions to production in major U.S. oil-producing regions. Brent crude futures dropped 7 cents or 0.1% to $65.81 per barrel at 0221 GMT. U.S. West Texas Intermediate Crude was $61.01 per barrel, down by 6 cents or 0.1%. Both benchmarks closed Friday at their highest levels since January 14, with weekly gains of 2.7%. In the next few days, a U.S. aircraft carrier strike force and other assets will arrive in the Middle East. "Oil prices have...

S-Oil, a South Korean oil company, announced on Monday that it had recorded a 91% increase in its fourth-quarter operating profits. It expects the first-quarter refinery margins to be robust due to the steady demand and disruptions of supply as well as a planned U.S. refining plant closure. According to market expectations, the refinery, which is owned 63% by Saudi Aramco reported an operating profit for the quarter of 424 billion won ($293 millions). The operating profit of its refining division increased by 55%, to 225.3 billion won. It said that the refining margin of gasoline from Dubai crude had...

Oil prices continued to rise on Monday, after gaining more than 2% the previous session. Tensions between the U.S. Brent crude futures increased 12 cents or 0.18% to $66 per barrel at 0127 GMT. U.S. West Texas Intermediate Crude was $61.21 per barrel, up $14 cents or 0.23%. Both benchmarks closed?on?Friday at their highest levels since January 14. In the coming days, a U.S. aircraft carrier and?strike force are expected to arrive at the Middle East. Donald Trump, the U.S. president, said on Thursday that the U.S. has an "armada," heading towards Iran, but he hoped not to have to...

Prices of oil?recovered?on Friday, after U.S. president Donald Trump renewed his threats against Iran. This sparked fears that military action could disrupt crude supply while outages are occurring in Kazakhstan. Brent crude futures rose by 76 cents or 1.2% to $64.82 per barrel at 1026 GMT. U.S. West Texas Intermediate Crude?was up $75 cents or 1.3% at $60.11. Both benchmarks were set at weekly gains of around 1.1%. Prices rose earlier in the week due to U.S. president Donald?Trump’s actions on Greenland, but fell by about 2% on Thursday after he backtracked on tariff threats and ruled out a military...

The price of oil?increased on Tuesday due to a weaker US dollar. Meanwhile, the markets were watching President Donald Trump threaten higher U.S. Tariffs against European nations because he wants to buy Greenland. Brent futures were up 15 cents or 0.2% to $64.09 per barrel at 0430 GMT. The U.S. West Texas Intermediate contract for February that expires Tuesday was up by 14 cents or 0.2% to $59.58. WTI March gained?6 Cents or 0.1% to $59.40. WTI contracts were not settled on Monday because of the U.S. Martin Luther King Jr. Martin Luther King Jr. Day was observed in the...

The oil prices were unchanged on Monday after rising the previous session. Iran's crackdown on protests has quelled the civil unrest, and reduced the chances of an attack by the U.S. on the Middle Eastern major producer, which could disrupt the?supplies. Brent crude was trading at $64.18 per barrel as of 0158 GMT. This is a 5 cents, or 0.08% increase. U.S. West Texas Intermediate rose 8 cents or 0.13% to $59.52 per barrel in February. The contract expires Tuesday, and the March contract, which is more active, was $59.36 up 2 cents or 0.13%. The unrest was quelled by...

OPEC said on Wednesday that world oil demand will rise at a comparable pace in 2027 to this year. They also published data showing a close balance between supply and consumption in 2026. This is in contrast with other forecasts which predicted a glut. The Organization of the Petroleum Exporting Countries (OPEC) believes that the oil demand in 2027 will increase at a robust rate and that the transition to cleaner fuels is likely to be slower than other predictions. OPEC said that it expects the oil demand to increase by 1,34 million barrels a day in '2027. This is...

The market is apprehensive about the possibility of Iranian supply disruptions after deadly unrest in this major Middle Eastern producer. Brent futures traded 9 cents lower or 0.14% at $65.38 per barrel at 0207 GMT. U.S. West Texas Intermediate Crude was down 12 Cents, or 0.2%, at $61.03 per barrel. Brent futures ended 2.5% higher Tuesday, while WTI rose 2.8%. Prices for both contracts have risen 9.2% in the last four trading sessions due to the?increasing protests against the fourth largest OPEC producer. U.S. president Donald Trump on Monday urged Iranians to continue protesting, and that help would soon be...