Refined Products








Asia

North America

Oil Refineries

Chevron refinery fire in Los Angeles

California Governor Gavin Newsom’s press office announced on Thursday that a fire had broken out at Chevron’s El Segundo Refinery, which is one of the largest refineries on the U.S. West Coast. A county official added that the flames were contained to a single area. CBS reported that officers and firefighters were rushed to the refinery after hearing reports of an explosion. Newsom's Press Office said on X that "our office is working with local and state agencies in order to... ensure public security." CBS reported that police said they did not know of any immediate injuries, evacuations or other...

Refined Products

Taiwan will continue to cooperate in further restrictions on Russian Energy Imports

Taiwan's government announced on Thursday it would cooperate if "international allies", imposed further restrictions on Russian imports of energy, following criticism from a group non-governmental organizations about the island's business relationship with Russia. Taiwan, along with the United States, major Western allies, and other countries, put broad sanctions against Russia in 2022 after its invasion of Ukraine, but it did not ban explicitly imports, which are a major source of hard currency for Russia. Taiwan's Foreign Ministry responded to criticism on Tuesday from a group NGOs, including the Centre for Research on Energy and Clean Air, about Taiwan's continued use...

Crude Oil

After a 3-day losing streak, oil prices rise on fears of Russian sanctions

The oil prices increased on Thursday, after three sessions of losses due to concerns about market oversupply. Also, the possibility of tighter sanctions against Russian crude gave some support. Brent crude futures rose 37 cents or 0.57% to $65.72 per barrel at 0401 GMT. U.S. West Texas Intermediate Crude climbed by 34 Cents, or 0.5%, to $62.12 per barrel. Analysts attributed the increase to a technical recovery, after Brent lost about 1% and WTI lost about 1% the previous session. Brent closed at its lowest level since June 5, and WTI was the lowest it had been since May 30....

Fossil Fuels

Venezuelan oil exports exceed 1 million barrels per day for the first time since 2020

According to documents and shipping data from the state-run PDVSA, Venezuelan oil exports in September averaged 1,09 million barrels a day, which is the highest level since February of 2020. Data and documents show that the country has been struggling to stabilize its oil production and exports after coming under U.S. sanction in 2019. However, rising crude production, sales of stocks accumulated and increased imports of diluents for exportable crude grades have all contributed to a boost in oil shipments. The average for September was 13% higher than the previous month, and 39% higher than a year earlier. Around 84%...

Refined Products

Oil prices to remain stable as supply increases, but concerns about Russian output offset the outlook

A poll on Tuesday showed that oil prices will remain almost unchanged this year despite the increased supply of both OPEC+ producers and non-OPEC ones. Concerns about a possible glut are tempered by the uncertainty surrounding Russian production. According to a survey conducted by 32 economists and analyst in September, Brent crude is expected to average $67.61 a barrel in 2025. This forecast is just 4 cents lower than the previous month's prediction. Brent, which opened Tuesday at $67.22, has averaged about $69.90 this year. West Texas Intermediate, which was forecast to average $64.65 in August, is now expected to...

Energy Markets

The biggest weekly oil gain in three-months as Russia reduces fuel exports

The oil prices rose on Friday. They are on course to reach their highest level since early June, as Ukraine's attacks against Russia's energy infrastructure led Moscow to restrict fuel imports and to be close to cutting crude production. Brent futures rose 13 cents or 0.2% to $69.55 per barrel at 0454 GMT. U.S. West Texas Intermediate crude futures increased 22 cents or 0.3% to $65.20 per barrel. Both benchmarks are up over 4% in the past week. This is their largest increase since the week ending June 13. The gains were backed by the ongoing Ukrainian drone attacks targeting...

Crude Oil

The biggest weekly oil gain in three-months as Russia reduces fuel exports

Oil prices rose on Friday and are on course to reach their highest level since early June, as Ukraine's attacks against Russia's energy infrastructure force Moscow to restrict fuel imports and cut crude production. Brent futures rose 15 cents or 0.2% to $69.57 per barrel at 0100 GMT. U.S. West Texas Intermediate crude futures increased 23 cents or 0.4% to $65.21 per barrel. Both benchmarks are up over 4% in the past week. This is their largest increase since the week ending June 13. The gains were backed by the ongoing Ukrainian drone attacks targeting Russian oil infrastructure and NATO's...

Oil & Gas Refining

Sources say that the Marathon Galveston Bay Refinery, Texas, will complete repairs to its hydrotreater in October.

People familiar with the plant's operations have said that Marathon Petroleum will complete repairs on its damaged hydrotreater by mid-October at its Galveston Bay refinery, which processes 631,000 barrels per day (bpd). Jamal Kheiry, the spokesperson for Marathon, declined to comment about the operations of the Texas City refinery. It is the largest in the United States by capacity. A fire that broke out on June 14 shut down the 64,000 bpd RHU (residual hydrotreating unit). The two sources confirmed that the RHU has restarted the operation of two small hydrotreating systems. A third unit is also expected to be...

Refined Products

Canada's retail sales in July dropped 0.8% but are expected to rebound in August

Canada's retail sales dropped in July, as expected, according to data released by the National Statistics Agency on Friday. Consumers spent less money on clothing and groceries. Statista Canada reported that retail sales in July fell 0.8%, to C$69.6 Billion ($50.36 Billion), giving up the majority of previous months' gains. StatsCan reported that June retail sales rose by a revised 1,6%. An advanced indicator indicates that retail sales are likely to grow at 1% this August. Retail sales, including domestic sales of furniture, food and gasoline, and many other items are considered a early indicator of gross national product growth,...

Oil Refineries

Sources say Valero is overhauling the FCCU at Tennessee refinery.

Valero Energy Corporation is overhauling its gasoline-producing Fluidic Catalytic Cracking Unit (FCCU) in Memphis, Tennessee, according to people familiar with the plant's operations. Valero's spokesperson was unavailable to comment on the refinery operation Thursday. Sources said that the 65,000 bpd FCCU and the 12,000 bpd unit of alkylation were shut down over the weekend for an overhaul. Sources said that the overhaul should be completed by November 1. Sources claim that the refinery's flaring gas recovery unit and hydrotreater were also taken off production to change a catalyst. The FCCU converts gas oil to unfinished gasoline using a fine powder...

Oil & Gas

IEA: World oil market will see increased supply and surplus after OPEC+ increase

The International Energy Agency stated on Thursday that the world oil supply would rise faster than expected in 2018, as OPEC+ member countries increase their output and the supply from outside of the group increases. It also suggested that a surplus may grow by 2026. The IEA, a consultancy for industrialised nations, has said that the supply will increase by 2.7 millions barrels per day in 2025. This is up from 2.5million bpd, as previously predicted. And by a further 2.1million bpd in next year. OPEC+ has added more crude oil to the market since the Organization of the Petroleum...

Refined Products

Oil prices fall on fears of weak US demand and oversupply

The oil prices fell a little on Thursday due to a weakening demand in the United States, and a general oversupply risk. This was in contrast to the concerns over the attacks in the Middle East as well as the Russian war in Ukraine. Brent crude futures fell 14 cents or 0.21% to $67.35 a barge by 0433 GMT. U.S. West Texas Intermediate Crude futures dropped 15 cents or 0.24% to $63.53. The benchmark contracts increased by more than $1 on Wednesday, following Israel's attack the day before on Hamas leaders in Qatar. Poland also scrambled their own air defences...

Europe

Oil Storage

Oil set to experience steepest weekly drop in 3 1/2 months

The oil prices were slightly higher on Friday, after four consecutive sessions of declines. However, they are on course for the steepest weekly drop since late June because market expectations expect that OPEC+ could increase output despite concerns about oversupply. Brent crude futures rose 18 cents or 0.3% to $64.29 per barrel at 0000 GMT. U.S. West Texas Intermediate Crude climbed by 19 Cents, or 0.3% to $60.67 per barrel. Brent could end the session at its lowest level since last week's May 30. WTI might finish at levels not seen since May 2 if prices don't recover further in...

Refined Products

Sources say that India's diesel exports into Europe likely surged to a record high in September.

Data from shiptrackers showed that India's diesel exports reached a record high in Europe in September. This was due to traders taking advantage of the robust profits made in the West during a season when refineries are being maintained. Data from LSEG and Kpler, as well as two other trade sources, showed that the September volumes of Asia's main swing supplier bound to Europe ranged between 1.3 million and 1.4 million metric tonnes (9.7 to 10.4 millions barrels). India's exports reached this level for the first time in 2017 since these figures were recorded. India's refiners are increasing runs and...

Refined Products

Novak, Russia: Situation with domestic fuel supplies is under control

On Wednesday, Russian Deputy Premier Alexander Novak stated that while the overall situation of the supply of fuel is controlled on the domestic market, some regions still face fuel shortages. In several regions of Russia, there were shortages of popular gasoline types, such as in the far east of the country, Crimea (which Russia annexed in 2014 from Ukraine), and Nizhny Novgorod to east of Moscow. Ukraine has knocked down chunks of Russia’s refining capability via drone attacks . Russia is the third largest oil producer in the world after Saudi Arabia is a country that has a long history....

Western Europe

Middle East

Refined Products

Oil recovers from 16-week lows amid prospects of tighter Russian oil sanctions

Oil prices rose Thursday, ending a three-day loss streak and recovering from 16-week-lows, on the prospect of tighter sanctions against Russian crude. However, expectations of a higher supply due to an OPEC+ production boost next month capped the gains. Brent crude futures rose 15 cents or 0.2% to $65.50 per barrel at 0116 GMT. U.S. West Texas Intermediate Crude climbed by 14 Cents, or 0.2% to $61.92 per barrel. Brent and WTI lost about 1% on Wednesday. Brent closed at its lowest level since June 5, and WTI reached its lowest level since May 30. As WTI approached its $60...

Crude Oil

Oil prices drop as Kurdistan resumes crude exports, OPEC+ plans to increase output

Oil prices fell by nearly 1% Monday, after the Kurdistan region of Iraq resumed crude exports through Turkey at the weekend. OPEC+ also plans to increase oil production in November. Brent crude futures dropped 63 cents or 0.90% to $69.50 per barrel at 0023 GMT, after Friday's settlement, which was the highest since July 31, had been reached. U.S. West Texas Intermediate Crude was trading at $65.07 per barrel, down 65c or 0.99%. This is a significant reversal of Friday's gains. Michael McCarthy, CEO Moomoo Australia & New Zealand, said that "ongoing fears of increased production are limiting gains but...

Oil & Gas

WTI's premiums and the increase in shipping costs threaten to close US-Asia arbitrage

Trade sources reported on Tuesday that the arbitrage window for shipping U.S. West Texas Intermediate Crude to Asia has shrunk as tanker rates have risen, and strong export demand has pushed up premiums for this grade to multi-month heights. The U.S. Asia arbitrage opened in late summer, and the demand for Very Large Crude Carriers to make this two-month journey prompted a tightening of vessel supply. Kpler's preliminary data shows that U.S. imports into Asia will increase in September. South Korea and India are the top buyers. The first shipment of U.S. oil for Pakistan's biggest refiner Cnergyico, and the...

Refined Products

Oil prices rise as tensions flare up in Europe and the Middle East

The oil price rose on Monday, mainly due to geopolitical tensions in Europe and Middle East. However, the prospect of increased oil supply and concerns about trade tariffs impacting global fuel demand also weighed. Brent crude futures were up 28 cents or 0.42% to $66.96 a barrel by 0118 GMT, while U.S. West Texas intermediate crude was at $62.88 a barrel, an increase of 20 cents or 0.32%. Michael McCarthy, CEO Moomoo Australia & New Zealand's investment platform, said: "Reports from the weekend that Russia threatened over the Polish border reminded traders of the continuing risks to European energy safety...

Crude Oil

After a pact with Pakistan, India expects Saudi Arabians to be sensitive.

India expressed its hope that Saudi Arabia would respect the mutual interests and sensibilities between both countries. This comes two days after Riyadh had signed a defence agreement with New Delhi's former foe Pakistan. Saudi Arabia and Pakistan, which is nuclear-armed, signed the agreement on Wednesday. Although few details were made public, analysts believe that the deal could give Riyadh a de facto shield of nuclear weapons. The agreement, signed amid diplomatic turmoil in the Middle East, and only months after a deadly conflict between India and Pakistan, states that any aggression towards either country will be considered as an...

Crude Oil

Demand concerns outweigh US rate cuts buoyancy

The oil prices were not much different on Friday, after they had been lower the previous day, the day following the U.S. Federal Reserve's first interest rate cut this year due to concerns about fuel demand in America. Brent crude futures fell 1 cent to $67.43 per barrel at 0100 GMT. U.S. West Texas intermediate futures dropped 4 cents to $63.53. Both benchmarks are on course to finish higher for the second consecutive week. The Fed lowered its policy rate on Wednesday by a quarter-point and said that more cuts were coming as a response to signs of weakness within...

Refined Products

Oil prices barely changed after Fed rate reduction

The oil prices were not much changed Thursday, after the U.S. Central Bank lowered its main interest rate. This was widely expected. However, an indication that more rate reductions will be made before the end of the year raised the possibility of a surge in demand due to falling borrowing costs. Brent crude futures fell 8 cents or 0.12% to $67.87 per barrel at 0042 GMT. U.S. West Texas Intermediate Futures were down by 10 cents or 0.16% at $63.95. Federal Reserve policymakers responded in part to the signs of weakness on the job market by cutting their policy rate...

Oil & Gas Refining

After EU sanctions, India's Nayara Energy increases fuel supply to HPCL

A government source revealed on Tuesday that India's Nayara Energy increased fuel sales to Hindustan Petroleum Corp, after European Union sanctions hit the Russian-backed refiner. Since the imposition sanctions, Nayara operates its 400,000 barrels per day (bpd), Vadinar refinery located in western India at 70 to 80% capacity. Source: Increasing local sales of refined fuels will help the company sustain its refinery operations. The source told reporters that they would like Nayara to work at maximum capacity. HPCL, a state-owned fuel retailer, buys diesel and petrol for local sale from other companies, despite the fact that Indian Oil Corp. and...

Energy Markets

The market is weighing the supply risks from Russian refinery attacks.

The oil prices remained stable in early trading on Tuesday, after increasing in the previous session as participants considered a potential disruption in supply from Russia following Ukrainian drone attacks against its refineries. Brent crude futures were up 4 cents at $67.48 per barrel as of 0000 GMT, while U.S. West Texas intermediate crude was up 2 cents at $63.32. Brent crude futures settled at $67.44, up 45 cents. WTI closed 61 cents higher on Monday at $63.30. Ukraine intensified its attacks on Russia's infrastructure to undermine Moscow's military capability as the talks to end their war have stagnated. In...

Refined Products

Oil prices continue to fall due to oversupply and US demand concerns

After a big drop in the previous session, oil prices dipped on Friday due to concerns over a possible softening in U.S. consumer demand. This was offset by worries about disruptions in supply from the conflict in the Middle East. Brent crude futures dropped 30 cents or 0.45% to $66.07 per barrel at 0114 GMT. U.S. West Texas Intermediate Crude fell 31 cents or 0.5% to $62.06. In the last trading day, benchmarks fell by 1,7% and 2% respectively. The International Energy Agency, in its latest monthly report, said that the world's oil supply will rise faster than expected due...

Refined Products

Prices of oil rise after Israeli attacks but oversupply limits gains

The oil prices increased on Wednesday, after Israel targeted Hamas leaders in Qatar and Poland shot down drones. Meanwhile, the U.S. pushed for new sanctions against Russian oil buyers. However, concerns about crude oversupply limited further gains. Brent crude futures rose 56 cents or 0.8% to $66.95 a barrel as of 0835 GMT. U.S. West Texas Intermediate Crude futures also gained 56 cents or 0.9% to $63.19 a barrel. The previous trading session saw prices rise by 0.6% after Israel announced that it had attacked Hamas leaders in Doha. After the attack, both benchmarks gained nearly 2% but then lost...

Energy Markets

Sources say that OPEC+ is likely to agree on a further increase in oil production on Sunday.

OPEC+ sources stated on Saturday that eight OPEC+ nations will likely increase oil production on Sunday, but they may add less oil in October than recent months due to the slowdown of global demand with the end driving season. OPEC+ reversed its April strategy of production cuts and has already increased quotas to about 2,4 million barrels a day (about 2.4% of the world's demand) to increase market share. This is in response to pressure from U.S. president Donald Trump, who wants to lower oil prices. These increases, however, have not had a significant impact on oil prices. They are...