Refined Products

The Federal Reserve Bank of New York released a report on Tuesday that said 'Americans became more concerned in June about the near-term inflation pressures, even though they predicted a moderated gasoline price increase and an upbeat view?on their current and future finances. The Bank of Canada's latest Survey of Consumer Expectations showed that inflation in a year was 3.7%, up from the 3.5% recorded in May. This is the highest level since September 2023. The June reading was the highest since June 2022. The central bank officials who are most interested in the five-year outlook for inflation expect it...

After a drone attack on the largest oil refinery in Russia, motorists in the city of 'Omsk are lining up for fuel. This is one of the most serious attacks by the Ukrainians inside Russia since?the start of the war. Video showed a?but orderly? line of cars waiting at a fuel station on Monday evening, just hours after the terrorist attack. Witnesses in the Siberian City reported that there were longer queues Tuesday, but they were still manageable -- only around 20 minutes. Fuel was also available. Some people on the social network VKontakte complained about drivers who they called...

The price of oil rose on Tuesday as traders' anxiety over a lack of progress in peace talks between?the United States?and Iran?overrode any price impact of the slight improvement in shipping through Strait of Hormuz. Brent crude futures rose $1.02 or 1.42% to $73.01 per barrel. U.S. West Texas intermediate crude gained 93 cents or 1.36% to $69.48 per barrel at 0748 GMT. Ole Hansen, analyst at Saxo Bank, said: "The deal has not been signed yet. So something could still go wrong. And?any comments by either side can raise concerns which helps to underpin the prices. It's also removing...

The oil prices rose on Tuesday but the gains were modest as traders focused their attention on supply and demand. Brent crude futures rose 28 cents or 0.39 percent to $72.29 and U.S. West Texas?Intermediate crude climbed to $68.84 per barrel at 0046 GMT. This is up 29 cents or 0.26 percent after having settled down on Monday to levels similar to those seen before the Iran war. Tim Waterer is the chief market analyst for KCM Trade. He said that although the steps taken towards recovering supply have reduced the immediate risk premium the market still remains cautious about...

After a request by his administration, President Donald 'Trump' said that Walmart will lower the prices of many products including ground beef. Customers will save money on meat, soda and produce at Walmart and Sam's Club this summer. The record-high prices of beef have hurt the wallets and pockets of American consumers, who also had to pay higher gas prices following the U.S.-Israeli attacks on Iran. The price of steaks and hamburgers soared as a result of a prolonged drought that destroyed pasture lands and increased the cost of cattle feed. This forced U.S. ranchers into reducing their herds. Economists...

The Americans are preparing for the Fourth of July, despite gasoline prices that are still high and well above their historical averages. The ease of tensions between?U.S. The easing of tensions between the?U.S. Despite recent drops, this weekend motorists will pay the second highest Independence Day fuel prices in history. Last week, the price-tracking service GasBuddy predicted that the average gasoline price in the United States would be $3.75 per gallon by July 4. This is behind the record $4.80 per liter set on July 4th 2022. GasBuddy reports that the national average gasoline price was $3.772 per gallon on...

The Fourth of July holiday is fast approaching and Americans are not deterred by the high gasoline prices. They remain well above historical levels. Fuel prices have been lowered by the easing of tensions in the U.S.-Iran relationship. This is due to fears of disruptions of oil shipments across Strait of Hormuz. The price of gasoline is expected to be the second highest ever for Independence Day this weekend, despite recent drops. GasBuddy, a price-tracking service, predicted last week that the average gasoline price in the United States would be $3.75 per gallons on July 4. This is behind only...

U.S. Oil Companies are expected to report their highest quarterly profits in recent years. This could lead to a clash with President Donald Trump who has been pressuring his longtime ally Big Oil, to lower gasoline prices in advance of the midterm elections, which will be held in November. Exxon Mobil, Chevron and other oil companies are expected to announce second-quarter earnings that are triple the first-quarter figures in the next few weeks. This comes after months of Americans complaining over the pain they feel at the pump. After the U.S. and Israel's war against Iran began late in February,...

The price of oil rose slightly Friday, just before the long holiday weekend here in the United States. As cautious optimism held on efforts to bring peace between the United States and?Iran in the Middle East. Brent futures rose 17 cents or 0.24% to $72.10 per barrel at 0155 GMT. West Texas Intermediate rose 14 cents or 0.20% to $68.83 per barrel. The U.S. market will be closed on Friday in advance of Independence Day. Independence Day is celebrated on Saturday. The two benchmarks reached their lowest levels in the previous session since the U.S./Israeli war against Iran started late...

The U.S. economy has been undergoing a transformation. One of the most remarkable aspects is its escape from the?significant cyclical depression since mid-2009. This 17-year period has accelerated the stock market's boom and facilitated funding for the AI transformation. This is not the "Great Moderation", the period from mid-2007 to 1984 when macroeconomic volatility was dramatically reduced. The economy of today is bumpy and politically noisy. It's marked by widening income gaps, and it has already started to show signs of inflation. Investors have almost completely abandoned the idea of a possible downturn in the near future. It is harder...

The news flow has been relentless in the week that has passed, reflecting on the madness of the first half of 2026 as well as the 250th Anniversary of the U.S. This week's column is a little different. It's a look at a few issues, some related to the main story and others not. 1)?YOUTH BURDEN OR BOON? Many investment houses have been pondering the reasons why America is now the world's largest economy. Morgan Stanley strategist Andrew Sheets, citing Gordon Wood's book "Empire of Liberty" from 2009, which chronicles the early Republic, argued that chaos and volatility were transformed...

?U.S. The Energy Information Administration reported on Tuesday that crude oil production in April was the highest ever recorded at 13.93 million barrels per day. This is the highest level on record. Producers increased output to counter higher oil prices due to the Iran War. EIA data show that production rose by 216,000 barrels per day in April. Production in New Mexico reached a record of 2,37 million barrels per day. Texas' crude production increased by 36,000 bpd to 5.83 millions bpd. This is the highest level since November. The Permian Basin is located in Texas and New Mexico, where...

Saudi Arabian crude sold to Asia has seen its price drop the most in'more than 20 years, but the grade is still more expensive to lift compared to some Gulf rivals. This reduces the appetite for oil from the OPEC linchpin. On Monday, the world's largest exporter cut the??official selling price (OSP), for its flagship Arab Light oil to $1.50 per barrel below the average Oman and Dubai quotations for Asia. This is a $11 reduction from the previous months. The OSPs of its four other grades were also reduced by $11 per barrel. The sudden shift is due to...

Kuwait's crude production jumped to 1.65m barrels a day in June, from just 580,000 bpd a month earlier, a source with knowledge of the situation said on Thursday. The OPEC member is boosting exports via the Gulf after the?U.S.-Iran peace agreement. Kuwait's surge in crude oil production is a sign that Gulf oil flows through the Strait of Hormuz have recovered rapidly after the disruption caused by the Iran War. Stranded cargoes are slowly clearing the Strait of Hormuz, and exporters are restoring their production. Kuwait produced about 2.5 million barrels of oil per day before Iran effectively closed the...

Five trade sources have confirmed that China's Hengli Petrochemical has cancelled its recent purchases of non-Iranian oil. This forced the company to further cut back on refinery operations as the inventory was running low. The strange cancellations came just a few weeks after reports that the refiner had purchased cargos from West Africa, the Middle East and other parts of the world to avoid Washington's list. Three sources briefed about the issue said that the refiner had cancelled at least six million barrels. They said that 2 million barrels (of West African oil) were delivered last month to storage tanks...

Three sources told Reuters that OPEC+ countries are likely to agree on a 'further increase in their 'output targets for August, when they meet?Sunday. This will add supply at a moment of falling prices, as the Strait of Hormuz slowly reopens. Sources said that the target for August will be the same as it was for June and for July. OPEC didn't immediately respond to a comment request. All sources, who spoke under condition of anonymity, said that 'no decision has been finalized. Seven members of OPEC+ (which groups OPEC, Russia and other producers) have increased their 'output quotas between...

?U.S. Treasury Secretary Scott Bessent on Tuesday urged gasoline retailers to lower their prices in honor of the?U.S. The United States celebrates its 250th birthday. President Donald?Trump reiterates his message that "we are watching." Bessent, in an interview with Fox News, said: "I'd encourage all gasoline retailers. Some of them are owned and operated by Big Oil. Others are independent. And some are international convenience stores." "I'd encourage them to act responsibly, particularly?during the 250th anniversary because we are watching." Bessent reiterated his boss's warning to gas stations Monday that they must lower their prices immediately, or else face "big...

U.S. Treasury Secretary Scott Bessent on Tuesday urged gasoline'retailers' to lower prices in celebration of the U.S.'s 250th birthday, reinforcing 'Trump's message with a warning 'we're monitoring' Bessent, in an interview with Fox News, said: "I'd encourage all gasoline retailers. Some of them are owned and operated by Big Oil. Others are independent. And some are international convenience stores." "I'd encourage them to act responsibly, especially during the 250th anniversary of the?Oil Industry, because we are watching." Bessent repeated his boss's warning to gas stations Monday that they must lower their prices immediately, or else face "big issues." "If Retailers...

Indian refining sources claim that several middlemen offered 'discounted Iranian crude oil' to Indian refiners as a way for 'Tehran' to speed up sales following Washington’s temporary waiver of sanctions. After the first round of talks in a new peace agreement, the United States lifted sanctions against Iran for 60-days, which opened a small window for a renewed energy trade. Sources said that the Iranian state oil producer, National Iranian Oil Co. (NIOC), has approached Indian refiners directly and through intermediaries, claiming to have allocated oil. "Apart form NIOC several traders contact us to sell?Iranian Oil. One of the refining...

Trade sources reported on Friday that 'QatarEnergy' has released a tender to sell crude oil for loading in July and August. This is believed to be its first tender since the onset of 'the Iran -war. Producer offers Marine Land, Marine Qatar, and al-Shaheen crude. According to a tender document seen by, buyers can load or transfer via ship-to -ship transfer between Fujairah & Sohar. The bid will close on 29 June. The offer is a further boost to the rising supply of Middle Eastern producers. Iraq's SOMO, the state-owned oil marketer in Iraq, issued a tender?Thursday for Basra Heavy...

The oil prices continued to fall on Thursday, dipping near the levels seen just before the Iran War. This was due to a 'rising'?supply expectation from the Middle East that outweighed the demand concerns. Brent crude futures, for delivery in August, fell by $1.22 or 1.65% to $72.52 a barrel as of 0337 GMT. U.S. West Texas Intermediate dropped $1.02 or 1.45% to $69.32 a barrel. Both contracts have reached their lowest levels since February 27, Brent for August was cheaper than September at $73.59, indicating ample supply in the short term. In a recent note, IG analyst Tony Sycamore...

Two sources with knowledge of the issue have confirmed that Indian Oil Corp. has received "no bids" in the tenders for 'charter vessels' to lift crude oil and liquefied petrochemical?gas from ports within the Strait of Hormuz. Last week, India's largest refiner and fuel retailer floated three tenders for chartering a very-large gas carrier (VLGC), an extremely large crude carrier, and a Suezmax. Indian state refiners buy most of their oil and LPG from Middle Eastern producers free-onboard. A VLCC carries about 2 million barrels of oil. And a VLGC holds 45,000 metric tonnes of LPG, a mixture of propane...

Industry sources say that India's imports from the U.S. of liquefied petrol gas (LPG), a record-breaking amount, will top 1 million metric tons in June. This is because New Delhi has turned to more expensive suppliers to compensate for disruptions from the Middle East. India relied on Middle Eastern LPG producers to provide 90% of its imports of LPG, which totaled about 2 million tonnes per month. Government data revealed that imports of LPG - widely used in Indian homes as a cooking fuel - fell to 696,000 tonnes in April due to 'the strait blocking'. Data showed that imports...

Sources in the trade said that Abu Dhabi National Oil Company sold "at least 18,000,000 barrels" of crude oil from United Arab Emirates during its third spot tender this month. ADNOC has sold at least 48,000,000 barrels of crude oil in June, according to calculations. ADNOC is also offering more volumes in a 4th?tender due to close this week. Kpler data showed that the UAE exported 101.4 million barrels of oil in January, and 95.2 millions in February before the U.S. - Iran war blocked the Strait of Hormuz. Two trade sources reported that an Indian refiner bought 2 million...