Refined Products

According to a source involved in the proposal as well as a refinery executive, Pakistan may import crude oil for the first to time from the United States to counterbalance a trade deficit that led to higher U.S. duties. As President Donald Trump's import duties shake economies and markets, countries are scrambling for ways to reduce their U.S. duty burdens. This includes buying more U.S. gas and oil. A government source involved in the proposal made to the Prime Minister to purchase more U.S. crude said, "It's one of the products that are being reviewed before a delegation leaves for...

The suspect who carried out a weekend arson on Pennsylvania Governor Josh Shapiro’s official residence claimed he “harbored hate” against the Democrat, and that he would have beaten the governor with a hammer if he encountered him inside the mansion. Cody Balmer (38), the suspect who turned himself in to the state police on Sunday, claimed that he had used homemade Molotov cocktail to ignite the mansion. According to the summary of an interview conducted by police with the governor, the attack occurred while he and his family were sleeping at their residence in Harrisburg. This was the latest instance...

After his arrest, the suspect in the arson attack at Pennsylvania Governor Josh Shapiro’s residence was charged with attempted murder, terrorism and aggravated arson, among other felonies. Cody Balmer (38), the suspect, was arrested on Sunday. This happened after Shapiro, his family, and the police had rushed them out of the official residence of the Governor and the local firefighters had extinguished a fire that broke out in the middle night. Authorities said in a probable-cause affidavit that Balmer had filled beer bottles at his Harrisburg home with gasoline and then walked for about an hour to the governor's house....

Venezuela's National Assembly passed on Thursday a decree by the government of President Nicolas Maduro to declare an economic emergency as a response to U.S. tariffs and sanctions. In March, Donald Trump's administration began to suspend authorizations of oil companies that work with Venezuelan state-owned PDVSA. They also imposed secondary tariffs against crude oil and natural gas exports. Maduro issued the decree on February 2, citing constitutional authority to declare states or exceptions, suspend constitutional protections, and impose an alarm state during national emergencies. Delcy Rodriguez, Vice President and Minister of Oil during the presentation of this document, stated that...

China's car sales rose 14.4% in March from a year earlier, as government-subsidised trade-ins bolstered demand for electric vehicles and plug-in hybrids, despite deepening deflationary pressures in the world's largest auto market. The China Passenger Car Association reported on Wednesday that passenger vehicle sales reached 1.97 million units during the month of December and rose 6.1% in the first three months to reach 5.18 million. In March, EVs and plug in hybrids outsold gas cars for the first four-month period to account for 50.4% of total sales. As of early 2018, the program, which was compared to U.S. stimulus "cash...

The oil price dropped to its lowest level in over four years on the back of a rising demand outlook, fueled by a escalating trade war between China and the U.S., the two largest economies on the planet, as well as a looming supply outlook. Brent futures fell $2.38 or 3.79% to $60.44 per barrel at 0423 GMT. U.S. West Texas Intermediate Crude Futures dropped $2.46 or 4.13% to $57.12. Both contracts reached their lowest levels since February 2021. Brent spreads over six months The spread fell to 79 cents - its lowest level since the middle of November -...

Early trade on Wednesday saw oil prices drop to their lowest level in over four years, due to a looming supply concern, fueled by escalating tensions between the U.S., China and other major economies. Brent futures fell $2.13 or 3.39% to $60.69 per barrel at 0108 GMT. U.S. West Texas Intermediate Crude Futures dropped $2.36 or 3.96% to $57.22. Brent crude oil reached its lowest level since March 2021, and WTI touched its lowest level since February 2021. Both benchmarks have fallen over five consecutive sessions after U.S. president Donald Trump announced sweeping duties on most imports, sparking fears of...

Brent crude futures contracts and options traded on the Intercontinental Exchange, or ICE, reached record volumes on Friday. This was higher than the COVID-19 pandemic levels as investors prepared for a trade war around the world and OPEC+'s oil production increases. The end of the last week saw oil prices plummet to their lowest level in four years, the biggest weekly drop since a year-and-a-half. According to ICE, market participants traded 4.067 millions ICE Brent futures contracts and options, breaking the previous record of 4.063 million set in 2020 when the global pandemic shook energy markets and sent traders scrambling,...

A survey revealed that OPEC's oil production fell in March, ahead of a planned increase, as Nigeria cut deliveries to its domestic refineries, and Iranian and Venezuelan supplies dropped due to renewed U.S. efforts to reduce the flow. According to a survey released on Monday, the Organization of the Petroleum Exporting Countries (OPEC) pumped 26,63 million barrels of oil per day in February, a decrease of 110,000 bpd compared to the total for the month of February. The largest declines were recorded by Nigeria, Iran, and Venezuela. OPEC+, a grouping of OPEC, its allies, and Russia, has begun to unwind...

Oil prices continued to fall in early Asian trading on Friday. They were on course for their worst week in several months due to U.S. president Donald Trump's tariffs. This stoked concerns about a possible global trade war, which could impact oil demand. Brent futures were down 31 cents or 0.4% to $69.83 per barrel at 0157 GMT. U.S. West Texas Intermediate Crude Futures fell 32 cents or 0.5% to $66.63. Brent is on track to suffer its largest weekly percentage loss since the week ending October 14 and WTI since January 21. The Organisation of Petroleum Exporting Countries (OPEC+),...

PBF Energy said that it is restarting several refinery units at its Martinez facility, which were closed after an fire in February. According to the announcement, the units will restart on Thursday. The process should take two weeks. The company stated that any damaged units or those involved in the fire of February, such as the catalytic hydrotreater and the catalytic fuel plant, will be shut down and the restarting process will not start until the fourth quarter. A fire broke out on February 1 at the 157,000 barrels per day (bpd), Martinez, California refinery. The fire started near the...

The government removed the consumer carbon tax that was in place since 2019 on Tuesday, resulting in a sharp drop of gasoline prices across Canada. Mark Carney, Canada's new Prime Minister, signed an order removing the Justin Trudeau era consumer carbon taxes on his first official day in office. He declared that the decision will help Canadians who are struggling to make ends meet. The Conservatives had been campaigning against the tax for years. GasBuddy, a fuel market tracker, reported that fuel prices in eight provinces fell by more than six cents a litre after taxation was officially ended on...

The oil prices rose in the early hours of trading on Tuesday. This was due to new tariff exemptions proposed by President Donald Trump, and an increase in crude oil imports from China in anticipation that Iranian supply would be tighter. Brent crude futures rose 27 cents or 0.42% to $65.15 a barrel at 0046 GMT. U.S. West Texas Intermediate crude also gained 26 cents (0.42%) to $61.79. Trump said that he is considering a change to the 25% tariffs on imports of foreign autos and auto parts from Mexico, Canada, and other countries. The vacillating U.S. policies on trade...

Data released on Monday showed that China's crude imports rose sharply in March compared to the previous two month and nearly 5% compared to a year ago. This was due to an increase in Iranian oil as well as a rise in Russian oil deliveries. According to records of customs, March imports totaled 51.41 millions metric tons. This is equivalent to 12.1 million barrels per a day. It was the highest level since August 2023. This is an increase from 11,55 million bpd, in March 2024, and 10,38 million bpd during the period of January-February. In March, independent refiners stocked...

Local media reported that Egypt raised fuel prices by as much as 15% on Friday, the first time since 2025. The government is trying to reduce fuel subsides as part of the $8 billion IMF support package. The IMF approved the disbursement to Egypt of $1.2 billion following the completion of the 4th review of the loan programme it signed last year. Egypt has been a regular borrower from the IMF ever since 2016. In 2016, it signed a 12-billion-dollar loan agreement to revive its economy following years of political turmoil that began with the Arab Spring protests. Since then,...

OMV, Austria's oil and gas group, said that it expects its first-quarter results to be boosted by the merger of Borealis and Borouge with ADNOC. Abu Dhabi National Oil Company (ADNOC) and OMV agreed last month to merge their polyolefin business to create Borouge Group International. The new company will have a $60 billion enterprise valuation. Vienna-based company stated that the positive impact of its clean operating results would be a mid-double digit million euro range for the first quarter compared to the final three months in 2024. Clean operating results are based on current costs of supply and exclude...

Two delegates said that the top OPEC+ Ministers meeting on Saturday will not make any new changes to oil output policy. This is after this week's unexpected decision by the group to increase production further sent prices to pandemic levels. At 1200 GMT, a joint ministerial monitor committee (JMMC), or Organization of the Petroleum Exporting Countries plus allies, led by Russia will be held online. The JMMC is a group of oil ministers that includes Saudi Arabia, Russia, and other major producers. It meets about every two months, and it can make policy recommendations. On Saturday, two sources stated that...

Eight OPEC+ nations agreed Thursday to increase oil production by 411,000 barrels a day in May. This unexpected decision caused oil prices to extend their earlier losses. Brent crude, which had already fallen over 5% after U.S. president Donald Trump announced tariffs against trading partners, continued to fall over 5% as OPEC released a statement updating its plans. Brent crude fell over 5% toward $70 a barrel. In May, eight members of OPEC+ (which includes the Organization of Petroleum Exporting Countries, and its allies, led by Russia) were scheduled to increase their output by 135,000 barrels a day as part...

OPEC+ ministers will meet Thursday to discuss a possible increase in oil production starting May. In May, eight members of OPEC+ (Organization of Petroleum Exporting Countries plus allies, led by Russia) are expected to increase oil production by 135,000 barrels a day. This would be the second increase in a plan that aims to undo some of the millions barrels per day cuts the group had been implementing since 2022. OPEC+ also pressures other producers who have exceeded their production targets to reduce output and temporarily pump below target to compensate. According to one of the OPEC+ members, the meeting...

The oil prices rose on Thursday, as traders assessed the impact of President Donald Trump's new auto tariffs and concerns over tighter global supplies after U.S. threats to impose tariffs on Venezuelan oil purchasers. Brent crude futures rose 7 cents or 0.1% to $73.86 per barrel. U.S. West Texas Intermediate Crude Futures increased 10 cents or 0.1% to $69.75 per barrel at 0406 GMT. The price of oil rose by around 1 percent on Wednesday. This was due to government data that showed U.S. crude and fuel inventories had fallen last week and the threat from the U.S. of tariffs...

Oil prices fell on Monday, as investors assessed the prospects for ceasefire negotiations aimed at ending Russia-Ukraine War. This could lead to a rise in Russian oil being sold to global markets. Brent crude futures fell 25 cents or 0.4% to $71.91 per barrel at 0409 GMT. U.S. West Texas Intermediate Crude fell 20 cents or 0.3% to $68.08. Both benchmarks closed higher on Friday, recording a second weekly gain. This was due to the new U.S. sanction on Iran as well as the latest production plan of the OPEC+ producer groups. After discussions with Ukrainian diplomats on Sunday, a...

Early trading on Thursday saw oil prices rise on the back of a drop in U.S. gasoline inventories, and an increase in tensions in Middle East. Brent crude futures gained 40 cents or 0.57% to $71.18 a bar by 0213 GMT. U.S. West Texas Intermediate Crude (WTI), however, rose 34 cents or 0.51% to $67.50. Prices rose after U.S. data revealed a greater-than-expected decline in distillate stocks for the last week. Last week, distillate inventories (which include diesel and heating oils) fell by 2.8 millions barrels, which was more than the 300,00-barrel decline expected in a survey. The U.S. crude...

The oil price rose on Tuesday due to the Middle East instability, China's stimulus data and plans, and U.S. Tariffs. However, global growth concerns and Russia-Ukraine peace talks, as well as U.S. Brent futures increased 17 cents or 0.2% to $71.24 per barrel at 0350 GMT. U.S. West Texas Intermediate Crude Futures increased 14 cents or 0.2% to $67.72 per barrel. In a recent research note, ING analysts stated that "along with U.S. attacks on the Houthis of Yemen, several other factors supported the market." The Chinese government announced plans to boost consumption and retail sales, while fixed asset investment...

The International Energy Agency reported in its monthly report on the oil market that global oil supply may exceed demand this year by 600,000 barrels a day. This follows a downward revision of its demand growth forecast for 2025. The Paris-based agency stated that the surplus could increase by 400,000 bpd if OPEC+ continues to unwind its output cuts and fails in reining in overproduction against quotas. Calculations based on IEA figures show that the IEA’s February oil report suggested a slightly smaller surplus of about 500,000 bpd. The IEA has revised its forecast for oil demand growth in 2025...