Refined Products

Sources say that the White House will extend a waiver to the century-old Jones Act within the next few days. This is one of its few tools, which it can use if necessary, in order to?try and lower gasoline prices, as President Donald Trump intensifies his attacks against Exxon Mobil, Chevron, and other oil companies for "making too much money." The Jones Act mandates that cargo between U.S. port must be transported on vessels built in the U.S. and owned by U.S. firms, with crews made up of American workers. This waiver is intended to reduce gas prices by increasing...

Refiner Marathon Petroleum posted its highest quarterly profit for four years on Tuesday. It also surpassed analysts' profit expectations, as prolonged disruptions to crude supply through the Strait of Hormuz increased refining margins. In premarket trading, shares of Marathon rose by around 2.1%. After the Strait of Hormuz was effectively closed for several months, the margins on gasoline, jet fuel and diesel increased. The repeated?Iranian strikes on refineries in the Middle East further reduced fuel supplies. Marathon's results...follow those of rivals Valero Energy, HF Sinclair and others who have also reported their highest quarterly profit since 2022. Marathon's quarterly refining...

DuPont, a maker of industrial materials, raised its annual profit estimates?on?Tuesday after exceeding second-quarter expectations. This was due to price increases and the impact?of its capital deployment?measures. The company has also benefited from capital 'deployment measures such as the spin-off and debt reduction of its electronics division, share repurchases and surcharges to offset rising feedstock and energy prices, and at a time where the global chemical industry is also struggling with weak demand for key end markets. The Strait of Hormuz has been a source of tension since late February, causing disruptions in oil and petrochemical supplies around the world....

DuPont, a maker of industrial materials, raised its annual profit estimates on?Tuesday following a second-quarter that exceeded expectations. This was due to?price increases and the impact from its capital deployment measures. The company has benefitted from capital deployment actions such as the spin-off and repurchase of shares, the reduction of debt, and surcharges to offset rising feedstock and energy prices, all at a time that the global chemicals sector is also grappling with weak demand for key end markets. The Strait of Hormuz tensions that have been ongoing since late February, have caused oil and petrochemical supplies to be tightened...

Three sources with knowledge of the discussions said that Damascus had agreed to reduce its imports of Russian crude oil as part of ongoing talks with the United States about lifting the last major designation of sanctions on Syria. This would be a significant shift in the energy policy of 'Syria. It has become heavily dependent on Russian oil, despite its political pivot towards the West. Experts say that it would be a way for the U.S. exert new pressure on Russia’s economic influence in the country. According to a Syrian official with direct knowledge of these conversations, an American...

The U.S. economic engine is gaining steam despite erratic politics, global conflict and booming business investment. It could overheat. Step back from the daily noise, and it's clear that fiscal generosity, loose financial conditions and booming business investments, as well as near-zero real interest rates, are all fueling the economic engine. It would be remarkable if inflation returned to target without tightening fiscal or monetary policies. It also explains the stock market's refusal to retreat despite wild swings in single stocks, recent hedge fund stress and gnawing doubts over whether this is the peak of the AI wave. Investors who...

Ship?tracking data revealed that U.S. crude oil exports fell to 3,66 million barrels a day in July, the lowest in eight months. A short-lived?peace?deal' between the U.S. & Iran in June temporarily flooded the markets with?Middle Eastern crude and reduced demand for American oil abroad. After the Iran War, which cut Middle Eastern oil supplies and forced Asian and European nations to look to the U.S. for the rest of the year's supply, the U.S. surpassed Saudi Arabia as the top oil exporter. In May, U.S. oil exports reached a record monthly level of 5.7 million barrels per day. Since...

Diamondback Energy beat analysts' expectations on Monday for its second-quarter profits and raised its annual production forecast. The high global oil prices are due to supply disruptions caused by the Middle East conflict. The war in Iran that began in late February nearly stopped the flow of Middle East goods through the Strait of Hormuz. Brent crude went from an average of $69.82 per barrel in January, to $126.41 by April, and WTI from $65.17, to $109.64. Diamondback expects to produce over 1 million barrels of oil-equivalent per day by 2026, up from its previous projection of 972,000 BOEPD. The...

The decision of the core members to increase crude?oil quotas in September is easy to dismiss as a meaningless act, given the disruptions caused by?Iran's conflict. As long as the Strait of Hormuz is largely closed, and as long as there are no solutions to the threats to the Bab el-Mandeb, the oil-exporting groups will have little chance of being able to deliver what they agreed to produce. Saudi Arabia, Russia and Kuwait are among the seven OPEC+ members who have agreed to voluntary cuts in output. Algeria, Kazakhstan, Kazakhstan, Algeria, Kuwait, Kuwait, Saudi Arabia and Oman also agreed. The...

The decision of the core members to?increase crude oil production quotas in September is easy to dismiss as a meaningless act, given the disruptions caused by the Iran conflict. As long as the Strait of Hormuz is largely closed, and as long as there are no solutions to the threats to the Bab el-Mandeb 'waterway, it will be difficult for the 'oil-exporting groups to deliver what they have committed to. Saudi Arabia, Russia and Kuwait are among the OPEC+ members who have agreed to voluntary cuts in output. Algeria, Kazakhstan, Kazakhstan, Algeria, Kuwait, Algeria and Oman also agreed. The United...

The U.S. Energy Information Administration published data on Friday showing that U.S. crude output dropped about 2% from its record-breaking April level, but exports reached a new record for the second consecutive month. The data revealed that crude oil production averaged 13,71?million barrels a day in May, while exports increased to 5,73 million bpd compared to the previous record of 5.59 million. U.S. Oil companies have increased exports dramatically?since beginning of Iran war. They are taking advantage of global supply shortages caused by disruptions in vessel movements through the Strait of Hormuz. The higher price of oil has affected consumption....

Imperial Oil, a Canadian oil company, more than doubled its second-quarter profits and beat Wall Street's estimates on Friday. A surge in crude oil prices helped offset lower oil sands production and the impact of planned refinery maintenance. Cenovus also reported a dramatic jump in its quarterly profit earlier this week and increased its production outlook. Higher crude prices boosted Canada's oil-sands industry despite output restrictions due to maintenance. Geopolitical tensions and uncertainty in the Middle East boosted oil prices, while global fuel supply disruptions improved refinery margins. The higher benchmark crude prices helped Imperial's realized prices. Synthetic crude realizations...

India is emerging as a haven for those who are escaping the wreckage of Asia's AI stock boom. Indian stocks' lack of direct AI exposure, whether to creators or large language models or semiconductors and chip manufacturers, dampened foreign investors enthusiasm for the country's shares for most of 2025 and 2026. Instead, money flooded into South Korea's and Taiwan's tech saturated markets. This summer, the trend has changed. Since mid-June equities have fallen in South Korea and Taiwan, reflecting growing concerns about the durability and profitability of massive AI capital investments. India's benchmark index is up 5%, as investors have...

The Electricity and Renewable Energy Ministry in Egypt announced on Friday that the rates would remain unchanged for households within the first consumption category, but increase them by an average of 12 percent for all other residential customers. The ministry stated that it had approved the new accounting rate "in order to ensure the stability and financial sustainability" for Egypt's electricity and renewable energy network. This includes production, transmission, and distribution. Egypt spends about 100 billion pounds ($1.9 billion) a year to bridge the gap in production costs and consumer tariffs. The state subsidy is shrinking with increasing household consumption....

The National Development and Reform Commission announced a 'raised retail price cap on gasoline and diesel in China from Saturday. This is due to the sharp volatility of?international crude prices. According to NDRC 'price data, the retail ceiling prices of gasoline and diesel are set to increase by 685 yuan (US $101.54) and $655 yuan, respectively. This represents an increase of 14% to 15% over the previous adjustment made before the Iran War. This is the second adjustment following the renewed conflict between the United States, Iran and other countries this month and the blockade of Strait of Hormuz -...

The oil price fell on Friday, but remained on track to a?monthly rise of around a fifth? as more supplies flowed via crucial maritime chokepoints. This was despite the?absence of major breakthroughs? in talks between the?United States? and Iran? Brent futures dropped $1.03 or 1.2% to $88 per barrel at 0215 GMT. U.S. West Texas Intermediate crude (WTI), however, fell $1.50 or 1.8% to $82.09 per barrel. Both benchmarks were expected to increase by about 20% on a monthly basis. Analyst at ING, Daniel?Hynes said that signs of increased flow in the Strait of Hormuz are 'offsetting' Middle East tension....

The U.S. Inflation rate slowed down in June but it is only temporary as renewed hostilities are raising oil prices. The Bureau of Economic Analysis of the Commerce Department reported that the Personal Consumption Expenditures price index increased by 3.7% over the past 12 months, after advancing an unrevised 4.1% during May. This was the largest gain since April 2023. PCE inflation increased in line with expectations. The PCE Price Index fell 0.1% month-over-month, its lowest reading since April 2020. It had risen 0.5% in May. These data were also included in the government’s second-quarter?estimate gross domestic product. This was...

Two sources who are familiar with the discussions on Wednesday said that Russia is planning to extend its diesel export ban by one month. However, the restriction could be lifted mid-August, if domestic supply improves. The ban was introduced by Russia from July 8 until July 31, as part of an overall package of measures designed to support the domestic market for fuel after repeated Ukrainian drone strikes on oil refineries caused fuel shortages and price increases. Moscow has already placed restrictions on the export of jet fuel and gasoline. Alexander Novak, the Deputy Prime Minister, said last week that...

Saudi Aramco closed its Jizan oil refinery, which produces 400,000 barrels per day in Saudi Arabia, on July 27, following an attack on the facility by Yemeni Houthi militants. A note seen by revealed that this was due to an attack on Saturday by Yemen's Houthi terrorists. The market is already constrained by the tight fuel supply in the world, as well as disruptions from the Middle East and Russia's ban on diesel exports. The outage has also had a significant impact on the refinery profit margins, which have reached'record highs' in certain regions. The note stated that the attack...

Since the beginning of the Iran War, there has been a debate about whether crude oil futures accurately reflect?the stress in the physical markets for oil and refined products or if the are blindly 'optimistic' that peace is on the horizon. The Iran War between the United States of America and Iran continues on its volatile and unpredictable course, with renewed hope that there is a chance for a new pause in the?reverse strikes. This flicker of optimism led Brent futures to fall in the early Asian trading on Monday. The price fell by nearly 5%, reaching around $92.06. The...

According to two sources and shipping data, the United States is now importing fuel oil from Iraq via Syria. This comes as Iraq continues to expand its?Mediterranean trade route, which was established following disruptions in Gulf trade routes earlier this summer. This alternative route shows that'shippers are looking for ways to circumnavigate Strait of Hormuz which has been 'effectively closed since several months and hindering Gulf oil imports due to the Iran War. According to Kpler Shipping Data, three Aframax tanks loaded fuel oil in Syria's Mediterranean Port of Baniyas from June to July, for delivery to U.S. Gulf Coast....

China's refined oil product exports in June improved over May but fell from the same period in last year, amid export restrictions that began in mid-March in order to protect domestic supply after the Iran War. China is Asia's biggest fuel exporter, and the increased export allowance will ease tight supplies because regional refiners have curtailed production due to war-related oil shortages. China's refined product exports to Hong Kong and Macau, including gasoline and diesel, totaled 643,712 tons. This is a slight increase of 4% from last June. Exports of refined oil products from China to other regions than Hong...

As renewed hostilities between?U.S. Iran and the United States have further?disrupted energy flows across the?Strait?of Hormuz. This is a vital route for global oil supply. Since the U.S. and Israel launched their attack on Iran at the beginning of February, the national average retail gas prices have increased by more than 30%. According to AAA data, the average pump price for Monday was $4.0030 per gallon. Last time the $4 mark was reached, it was in late March, when Iran stopped traffic through the Strait. In June, prices fell below this threshold after the U.S. signed an agreement with Iran...

Industry sources say China's fuel demand will take a long time to recover after its imports hit a record low. Refiners reduced production and opted for cheaper crude as a result of the U.S. - Iran war. China's low demand for high-sulphur oil (HSFO), one of Asia’s largest importers, is expected to limit prices. This is despite the fact that the market has strengthened after Washington and Tehran intensified their attacks on the Middle East disrupting Gulf supply through the Strait of Hormuz. LSEG data show that the Asian refiners' margins for 380 centistoke HSFO rose to a discount of...