Refined Products

The Federal Court of Australia fined 'Mobil Oil Australia' A$16m ($11.3m) for misleading claims about fuel sold in petrol stations located in certain parts of Queensland, said the country’s competition regulator on Tuesday. Exxon Mobil owns Mobil Oil Australia, which supplies petroleum, diesel and fuel products to retailers throughout Australia. The Australian Competition and Consumer Commission took the local unit in 2024 to court. They alleged that the company misled customers about the fuel sold at six branded petrol stations located in Queensland. ACCC released a statement on?Tuesday stating that Mobil had falsely claimed in August 2020 to July 2024...

The Federal Court of Australia fined Mobil Oil Australia A$16 Million ($11.3 Million) for misleading claims made about fuel sold in petrol stations?in Queensland, said the country's competition regulator on Tuesday. Exxon Mobil owns Mobil Oil Australia, which supplies fuels such as petrol, diesel and other products to retailers in Australia. The Australian Competition and Consumer Commission took the local unit in 2024 to court. They claimed that the company misled its customers regarding fuel sold at six of their branded petrol stations located in Queensland. ACCC stated that Mobil acknowledged on Tuesday it had falsely claimed to consumers between...

Valero Energy will buy up to 6.5 millions barrels of Venezuelan oil in March for its Gulf Coast refining plants, making it 'the top foreign refiner since the United States captured Nicolas Maduro, in January. Valero is one of the first U.S. oil refiners that resumed imports after the United States signed a landmark $2 billion oil deal with Venezuela's interim government, and started to ease sanctions. If Valero can buy 10 or more cargoes of Venezuelan crude next month, which is equivalent to 210,000 barrels a day, then it will surpass U.S. oil giant Chevron in the United States...

Presidents Day, which falls on February 16, will impact the schedule for the release of major economic, energy and commodities reports in Washington for the week beginning February 15. The schedule is below. The times are in GMT/EST. Treasury announcements may be subject to change. Monday, February 16, 2019 Presidents Day. Closed: Federal government offices, Federal Reserve and International?Monetary Fund, stock and Bond markets. Tuesday, February 17, 2019 National Association of Home Builders releases U.S. Housing Market Index, February, 1000/1500 Conference Board releases Employment Trends, January 1000/1500. Rescheduled event from February 9. Treasury Dept. Treasury Dept. The U.S. Department of...

People familiar with the operations of the refinery reported that three contractors were injured when a'release' of steam condensate occurred while reworking the CDU at Exxon Mobil Beaumont, Texas, which produces 612,000 barrels per day. In a Friday statement, Exxon confirmed that there were?injuries? at its Beaumont complex. This includes a?chemical plant, lubricant plant, and refinery. Exxon spokesperson Kelly Davita stated in an email that "Safety has always been a top priority and we are thinking of the individuals and their families." "A comprehensive inquiry has been launched to determine the cause." Sources said that the three contractors were working...

Donald Trump, the U.S. president, said that Harry Sargeant III, a billionaire energy entrepreneur and Republican donor who is a Republican donor to the U.S. government has no authority to act for them. He also added that relations between Venezuela and?the U.S. had been "extraordinary." "He has no authority to act for the United States of America in any way, shape, or form. Neither does anyone else who is not approved by State Department." Trump stated in a Truth Social post that without this approval, nobody is authorized to represent the United States of America. He was apparently referring to...

Refiner PBF Energy posted a surprise profit Thursday, as lower crude oil prices boosted refining margins. PBF earned 49 'cents 'per share on a adjusted basis during the fourth quarter. Analysts had estimated a loss per share of 10 cents, according to LSEG data. Refiners in the U.S. saw their profits rebound from multi-year lows in 2024. This turnaround was fueled?by tighter fuel supplies globally and an increase in seasonal demand that boosted profits. The recovery follows a slump in 2024, when margins fell from their post-pandemic peaks as supply disruptions related to Russia's invasion of Ukraine in?2022 eased. Matthew...

On Thursday, the administration of Donald Trump plans to announce "the repeal" of a scientific conclusion that greenhouse gas emissions endanger human sanity. This will remove the legal basis of federal climate regulations. This is the biggest climate change policy rollback the administration has ever made. It follows a series of regulatory reductions and other actions designed to reduce the restrictions on fossil fuel development, and to stymie clean energy deployment. Trump believes that climate change is a hoax and has pulled the United States out of the Paris Agreement. This leaves the United States, the largest contributor historically to...

PBF Energy, a refiner in the United States, reported a surprising profit on Thursday. Supply disruptions due to the Russia-Ukraine conflict and higher crude prices differentials helped boost refining margins. LSEG data shows that PBF 'gained 49c per share on a?adjusted -basis? in the fourth quarter. This compares to estimates of a 10c loss per share. The U.S. refinery industry experienced a strong recovery in the fourth-quarter, with?the benchmark 3-2-1 crack spread Rebounding from multi-year lowers in?2024. The turnaround was attributed to tighter global fuel supply and seasonal demand that boosted profits. The recovery comes after a slump in 2024,...

Izvestia, a Russian newspaper, reported on Thursday that Russia was preparing to ship crude oil and fuel to Cuba within the next few months. Cuba has been hit by fuel shortages since the U.S. cut off its oil supply. The communist-run Island has informed international airlines that there will be no jet fuel available. This is the latest sign of rapidly worsening conditions. Venezuela has been a major supplier of jet fuel to the United States for many years. However, since Washington's 'blocking of Venezuelan exports in mid-December, it hasn’t received any crude or refined products. A Russian diplomat said...

The price of oil held steady on Tuesday, as the'market waited to see what direction it would take while U.S. - Iran talks?continued. Brent crude oil futures were up 23 cents or 0.3% at $69.03 per barrel as of 0100 GMT. U.S. West Texas Intermediate Crude rose by 23 cents or 0.4% to $64.19 Iran's spokesperson for the foreign ministry said that the nuclear talks between Iran and the U.S. had allowed Tehran to gauge Washington’s seriousness, as well as a sufficient level of?consensus' to continue diplomatic efforts. Diplomats from Iran, the U.S. and Oman held talks last week to...

DuPont, a maker of industrial materials, forecast net sales for the full year and an?adjusted?profit that was above analyst expectations. The company beat fourth-quarter earnings estimates Tuesday thanks to stronger sales in its healthcare segment and ongoing business restructuring. The shares of the company rose by 2.3% during morning trading. DuPont has simplified operations due to higher production costs in Europe. Tighter environmental regulations have also pushed global chemical makers to re-evaluate their strategies. The board of directors approved the previously announced plans for last year. Separation Qnity Electronics is the company's?electronics division, which includes semiconductor technology and interconnect solutions....

According to traders and data from ship tracking, China's Russian imports will rise for the third consecutive month to a record high. Independent refiners have snapped up heavily?discounted?cargoes as India reduced purchases. Vortexa Analytics estimates that Russian crude oil shipments to China in February will be 2.07 million barrels a day, exceeding the January estimate of 1.7 millions bpd. Kpler's preliminary data for February showed imports of 2.083 million bpd. This is up from 1.718 millions bpd during January. Since November, China has displaced India as Moscow's largest client for seaborne shipments. Western sanctions due to the conflict in Ukraine...

QatarEnergy, the state-owned oil company, has increased the 'term price' for al-Shaheen crude loading in April, to the highest level in the last five months, according to?several sources?. This is due in part because the Middle Eastern market was supported by a better demand in India. According to the sources, the April term price of al-Shaheen oil was set at 87c per barrel according to Dubai's quotes. This is a significant jump from the March term price, which was 33c less per barrel. It was also the highest price since November. Spot premiums on Middle?Eastern oil have risen this month...

Investors worried about the escalating tensions between Iran and the U.S. pushed up oil prices on Thursday morning. Brent crude oil futures were up 34 cents or 0.49% at $69.74 per barrel at 0126 GMT. U.S. West Texas Intermediate Crude climbed 37 cents or 0.57% to $65.00. Both benchmarks closed higher on Wednesday. Brent futures rose 0.87%, and WTI more than 1.05% as investor concerns about U.S. - Iran tensions overshadowed a rise in U.S. oil stocks. After talks with Israeli Premier Benjamin Netanyahu, Donald Trump stated that the two leaders had not reached a "definitive agreement" on how to...

OPEC forecasts that world oil 'demand for crude oil from the wider OPEC+ producer groups will fall by 400,000.barrels per.day.in the second.quarter.from the first three.months of this year. A copy of its monthly report on oil seen by shows. OPEC reported that the world demand for OPEC+ oil will average 42.20 millions bpd during the second quarter. This is down from 42.60million bpd during the first quarter. The two forecasts were unchanged since last month's report. The OPEC+ group, which includes OPEC countries, Russia?and others, increased oil production last?year, after years of cuts. Production hikes were halted in the first...

The oil prices increased for the third consecutive day on Thursday, as the U.S.?may launch a military strike against a key Middle Eastern producer?Iran which could disrupt the supply of the region. Brent crude 'futures' rose 50 cents or 0.73% to $68.9 a bar by 0216 GMT. U.S. West Texas Intermediate Crude climbed 58 Cents or 0.92% to $63.79 a bar. Both contracts are up about 5% since January 26. They have reached their highest level since September 29. As a result of President Donald Trump's increased pressure to stop Iran's nuclear program, including threats of military strikes, and the...

Prices of oil were not much different on Monday, after rising more than 2% the previous session. Supply concerns held back benchmarks despite disruptions to production in major U.S. oil-producing regions. Brent crude futures dropped 7 cents or 0.1% to $65.81 per barrel at 0221 GMT. U.S. West Texas Intermediate Crude was $61.01 per barrel, down by 6 cents or 0.1%. Both benchmarks closed Friday at their highest levels since January 14, with weekly gains of 2.7%. In the next few days, a U.S. aircraft carrier strike force and other assets will arrive in the Middle East. "Oil prices have...

S-Oil, a South Korean oil company, announced on Monday that it had recorded a 91% increase in its fourth-quarter operating profits. It expects the first-quarter refinery margins to be robust due to the steady demand and disruptions of supply as well as a planned U.S. refining plant closure. According to market expectations, the refinery, which is owned 63% by Saudi Aramco reported an operating profit for the quarter of 424 billion won ($293 millions). The operating profit of its refining division increased by 55%, to 225.3 billion won. It said that the refining margin of gasoline from Dubai crude had...

Oil prices continued to rise on Monday, after gaining more than 2% the previous session. Tensions between the U.S. Brent crude futures increased 12 cents or 0.18% to $66 per barrel at 0127 GMT. U.S. West Texas Intermediate Crude was $61.21 per barrel, up $14 cents or 0.23%. Both benchmarks closed?on?Friday at their highest levels since January 14. In the coming days, a U.S. aircraft carrier and?strike force are expected to arrive at the Middle East. Donald Trump, the U.S. president, said on Thursday that the U.S. has an "armada," heading towards Iran, but he hoped not to have to...

Prices of oil?recovered?on Friday, after U.S. president Donald Trump renewed his threats against Iran. This sparked fears that military action could disrupt crude supply while outages are occurring in Kazakhstan. Brent crude futures rose by 76 cents or 1.2% to $64.82 per barrel at 1026 GMT. U.S. West Texas Intermediate Crude?was up $75 cents or 1.3% at $60.11. Both benchmarks were set at weekly gains of around 1.1%. Prices rose earlier in the week due to U.S. president Donald?Trump’s actions on Greenland, but fell by about 2% on Thursday after he backtracked on tariff threats and ruled out a military...

The price of oil?increased on Tuesday due to a weaker US dollar. Meanwhile, the markets were watching President Donald Trump threaten higher U.S. Tariffs against European nations because he wants to buy Greenland. Brent futures were up 15 cents or 0.2% to $64.09 per barrel at 0430 GMT. The U.S. West Texas Intermediate contract for February that expires Tuesday was up by 14 cents or 0.2% to $59.58. WTI March gained?6 Cents or 0.1% to $59.40. WTI contracts were not settled on Monday because of the U.S. Martin Luther King Jr. Martin Luther King Jr. Day was observed in the...

The oil prices were unchanged on Monday after rising the previous session. Iran's crackdown on protests has quelled the civil unrest, and reduced the chances of an attack by the U.S. on the Middle Eastern major producer, which could disrupt the?supplies. Brent crude was trading at $64.18 per barrel as of 0158 GMT. This is a 5 cents, or 0.08% increase. U.S. West Texas Intermediate rose 8 cents or 0.13% to $59.52 per barrel in February. The contract expires Tuesday, and the March contract, which is more active, was $59.36 up 2 cents or 0.13%. The unrest was quelled by...

OPEC said on Wednesday that world oil demand will rise at a comparable pace in 2027 to this year. They also published data showing a close balance between supply and consumption in 2026. This is in contrast with other forecasts which predicted a glut. The Organization of the Petroleum Exporting Countries (OPEC) believes that the oil demand in 2027 will increase at a robust rate and that the transition to cleaner fuels is likely to be slower than other predictions. OPEC said that it expects the oil demand to increase by 1,34 million barrels a day in '2027. This is...