Refined Products

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...

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...

The U.S. Energy Information Administration released its Short-Term Energy Outlook Tuesday, predicting that the U.S. Natural Gas Production and Demand will both reach record highs by 2025 before declining in 2026. EIA predicted that dry gas production would rise from 103.2 billion cubic feet per day (bcfd) in 2024 to a record 106.6 bcfd by 2025, before slipping to 106.0 bcfd by 2026. This compares to a record of 103.6 bcfd for 2023. The agency also predicted that domestic gas consumption will rise from 90.5 bcfd, a record in 2024, to 91.5bcfd by 2025. It then eases to 91.4bcfd by...

Phillips 66, a U.S.-based refiner, announced on Tuesday that it would acquire the remaining 50% of WRB Refining shares from Cenovus for $1.4 billion. This will give it complete ownership of two major U.S. refining plants. WRB includes Wood River Refinery in Illinois, and Borger Refinery in Texas. These refineries have a combined capacity of 495,000 barrels a day (bpd) for crude oil. The refineries, which would add approximately 250,000 bpd of net refining to Phillips 66’s capacity, can process both heavy and medium sour as well as sweet crudes and produce a large percentage of transportation fuels. Phillips 66...

The crude oil market is now expecting a decline in prices. At the largest gathering of the industry in Asia, the discussion was more about timing rather than direction. The outlook for prices is the main topic of discussion and presentations at the annual APPEC Conference. This week was no exception. The market has changed and this year the bull was the least sighted amongst a sea full of bearish participants. The two factors that dominated APPEC, despite the fact that there are many other factors that influence crude oil prices were the decision of OPEC+ not to continue to...

China's sales of hybrids and electric vehicles in August grew at their slowest rate in over a year and a half as the government continues to try and stop punishing price wars. China Passenger Car Association's data on Monday showed that EV and hybrid car sales surpassed gasoline car sales for the sixth consecutive month in August. However, annual growth has slowed to 7.5%, down from 12.5% in July. This was the lowest gain since February 2024 when the segment recorded an 11.6% decline in sales due to the shifting timings of a week-long Chinese holiday. Last month, the total...

Goldman Sachs forecasted a slight increase in oil surplus by 2026 as improvements in supply in the Americas will outweigh Russia’s downgrade, and any improvement in global demand. The U.S. Investment Bank kept its Brent/WTI 2025 price forecasts unchanged and projected averages for 2026 at $56/$52 per barrel. "Risks in our 2025-2026 forecast are both upside and downside, but slightly skewed to the top," it said. OPEC+ - which includes the Organization of the Petroleum Exporting Countries, Russia, and other allies - agreed on Sunday that oil production would be increased from October, as Saudi Arabia, its leader, tries to...

Mexico's top prosecution said that 14 people have been detained so far for suspected involvement in illicit fuel trade. He reiterated that new information would lead to more action. The authorities in Tampico seized on March 19 a tanker of petroleum, along with the nearly 63,000 barrels it carried of diesel, and containers and vehicles used for its transportation and storage. LSEG's tanker tracking data revealed that the tanker Challenge Procyon had arrived from America. The Mexican authorities claimed that the truck was carrying diesel, for which an import tax was required. Instead, the truck was declared as a petrochemical...

The Energy Information Administration reported on Thursday that U.S. crude inventories increased last week, as refineries prepared for maintenance, and gasoline stocks decreased ahead of the long Labor Day Weekend. The EIA reported that crude inventories increased by 2.4m barrels, to 420.7m barrels for the week ending August 29. This was compared to analysts' expectations based on a poll of a 2m barrel draw. John Kilduff of Again Capital said, "This report is a bit bearish with the crude build." He added that refineries would be reducing production for maintenance in autumn, which could put pressure on crude stock levels....

Oil prices fell on Thursday, extending a drop of more than 2% from the previous session. Investors and traders are looking ahead to a meeting at OPEC+ this weekend, where producers will likely consider another increase to output targets. Brent crude dropped 46 cents or 0.7% to $67.14 a bar by 0416 GMT. U.S. West Texas intermediate crude fell 47 cents or 0.7% to $63.5 a bar. Two sources with knowledge of the discussions said that eight members of the Organization of the Petroleum Exporting Countries (OPEC+) will discuss further increases in production at a Sunday meeting. The group is...

Two sources with knowledge of the situation said that repairs are expected to take two weeks. The catalyst leaks at Nigeria's 650,000 barrels per day Dangote refinery have caused the unit to be taken offline. IIR Energy, a company that monitors the industry, said in a Tuesday note that the refinery's Residue Catalytic Cracking unit (RFCCU), which produces 204,000 bpd of catalytic residue, has been off-line since August 29. Sources requested anonymity in order to discuss confidential information. Dangote didn't immediately respond to an inquiry for comment. Since its opening last year, the massive Dangote refining plant has dramatically increased...

According to documents filed by the officer overseeing sale, a $5.89 billion offer from an affiliate hedge fund Elliott Investment Management was recommended as the winning bid in a U.S.-court-organized auction for shares of the Venezuelan-owned refiner Citgo Petroleum. Robert Pincus, a court officer, made the recommendation despite an attempt by a Gold Reserve subsidiary to sweeten their $7.4 billion deal earlier in the week. Pincus, in a ruling earlier this month said that an improved offer from Elliott's subsidiary Amber Energy was superior. The court then gave the Gold Reserve Group three days to match the bid. Pincus stated...

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...

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...

The oil prices rose on Monday, as concerns about rising production and the impact of U.S. Tariffs on demand offset disruptions in supply caused by intensified airstrikes between Russia and Ukraine and pressures from a weaker currency. Brent crude rose 31 cents or 0.46% to $67.79 per barrel at 0823 GMT. U.S. West Texas Intermediate Crude fell by 32 cents or 0.5% to $64.33. The U.S. holiday is expected to dampen trading. Brent and WTI crude recorded their first monthly decreases in four month in August. Losses of 6% or higher were attributed to increased supply by the OPEC+ group....

Oil prices dropped on Thursday, as investors assessed the outlook for U.S. gasoline demand as the summer driving season draws to a close. They also considered possible shifts in crude supply as India is facing punishing U.S. duties for importing Russian fuel. Brent crude futures fell 31 cents or 0.46% to $67.74, at 0027 GMT. West Texas Intermediate crude futures also dropped 36 cents or 0.56% to $63.79 after rising more than 1% the previous session. U.S. Energy Information Administration announced on Wednesday that U.S. oil inventories dropped by 2.4 millions barrels during the week ending August 22. This was...

The oil prices were little altered on Wednesday, as investors awaited the next steps of the talks to end Russia’s invasion of Ukraine. Sanctions on Russian crude remained in place and there was a possibility of additional restrictions for its buyers. Brent crude futures are at $65.90 per barrel at 0405 GMT, an increase of 11 cents. U.S. West Texas Intermediate futures for September, which expires on Wednesday, are at $62.40 per barrel, an increase of 5 cents. The more active October contract is at $61.90 per barrel, an increase of 13 cents. Prices fell more than 1% Tuesday, as...

China's refiners increased their processing rates in the month of July. However, strong crude oil imports from abroad and domestic production meant that there was still an excess of over half a million barrels a day (bpd). Calculations based on data from the official sources show that crude oil surplus in July dropped to 530,000 barrels per day (bpd) from 1.42million bpd. The key is that despite the drop in oil surplus, refiners will likely continue to add to their stockpiles. This will allow them the ability to reduce imports if prices increase to levels they feel are not justified....

The oil prices fell on Monday, as the U.S. failed to exert further pressure on Russia in order to end the Ukraine conflict by implementing additional measures to disrupt Russian crude exports following the Friday meeting between the presidents of both countries. Brent crude futures fell 26 cents or 0.39% to $65.59 a bar by 0028 GMT, while U.S. West Texas intermediate crude was down 18 cents or 0.29% at $62.62 a bar. The U.S. president Donald Trump met with Russian President Vladimir Putin on Friday in Alaska and came away more aligned to Moscow regarding the need for a...

QatarEnergy lowered its term price for al-Shaheen oil loadings in October. It now stands at $2.52 per barrel, a dollar higher than the Dubai quotations, according to sources on Friday. This was a drop of 81 cents compared to the high of $3.33 per barrel in September for oil loading, which was a five-month-high. The price reduction followed a drop in spot premiums on Middle East crude this month. This was due to rising supply, as the Organization of the Petroleum Exporting Countries (OPEC+) and its allies continued their policy of increasing output to regain market share. Qatar sold al-Shaheen...

Oil prices rose by about 1% Thursday, after U.S. president Donald Trump warned that "severe consequences would follow" if the talks he had with Russian President Vladimir Putin over Ukraine failed. Also, there were expectations of a U.S. rate cut coming up next month to spur oil demand. Interest rates are used by central banks like the U.S. Federal Reserve to control inflation. Lower interest rates can reduce borrowing costs for consumers and boost economic growth. Brent crude futures rose 87 cents or 1.3% to $66.50 a barrel at 10:53 a.m. (1453 GMT), whereas U.S. West Texas Intermediate crude (WTI)...

Aramco, the Saudi Arabian oil giant, reported on Tuesday a 22% decline in its second-quarter profits, due mainly to lower revenues, and increased debt. The top oil exporter in the world reported a net loss of $22.7 billion for the three-month period ended June 30. This was below a median estimate of $23.7 billion provided by 17 analysts. Aramco’s average realized crude oil price for the quarter was $66.7 per barrel, down from $85.7 a barrel during the second quarter in 2024 and $76.3 a baril in the first three months of this year. Total borrowing increased to $92.9 billion...

After three days of declining oil prices, Tuesday's price was little changed. The market was still concerned about oversupply after OPEC+ decided to increase output by a large amount in September. However, the possibility of further Russian supply disruptions helped the market. Brent crude futures remained unchanged at $68.76 per barrel at 0036 GMT, while U.S. West Texas intermediate crude fell 2 cents or 0.03% to $66.27 per barrel. Both contracts dropped by more than 1 percent in the session before, settling at their lowest levels in a full week. The Organization of the Petroleum Exporting Countries (OPEC+) and its...

It would have been a bold prediction a couple of months back to claim that OPEC+ could bring back 2,5 million barrels of crude oil production per day and keep the price of oil at $70 a barrel. This is what happened, as the eight producers of the group rolled back their voluntary reductions of 2.2 million bpd by September and allowed a separate rise for the United Arab Emirates. Eight OPEC+ member countries met virtually on Sunday and agreed to increase output by 547,000 bpd in September. This is an addition to the 548,000 bpd increases for August, the...