Refined Products








Asia

North America

Oil Storage

Prices of oil ease after surprise buildups in US inventories

Oil prices fell on Thursday, as the unexpected buildup of U.S. crude oil and fuel inventories raised concerns about demand. Investors remained cautious, keeping their eyes on the renewed Iran-U.S. nuclear talks. Brent futures fell 33 cents or 0.5% to $64.58 per barrel at 0038 GMT. U.S. West Texas Intermediate Crude dropped 32 cents or 0.5% to $61.25. Both benchmarks fell by 0.7% on Tuesday. The Energy Information Administration reported on Wednesday that U.S. crude oil and fuel inventories showed a surprise build last week. Crude imports reached a six-week peak and gasoline and distillate demands dropped. The EIA reported...

Crude Oil

Oil prices drop as US and China concerns weigh

The oil prices fell on Monday due to the downgrade by Moody's of the U.S. government's sovereign credit rating, and data from China that indicated a slowdown in industrial production and retail sales. Brent crude futures for the front-month fell 35 cents or 0.5% to $65.06 per barrel at 0440 GMT, while U.S. West Texas Intermediate Crude dropped 26 cents or 0.4% to $62.23 per barrel. The front-month WTI contract expires Tuesday, and the more active July contract dropped 31 cents or 0.5% to $61.66 per barrel. Both contracts increased by more than 1% in the last week, after the...

Energy Markets

Oil prices to rise by 1% this week on U.S. China trade agreement

The oil prices rose on Friday after a steep drop the previous day. This is expected to lead to a weekly increase of more than 1 percent as the optimism surrounding the U.S. China trade relations outweighed the prospect of Iranian supplies returning to the market. Brent crude futures were up 17 cents or 0.26% to $64.70 per barrel at 0007 GMT. U.S. West Texas Intermediate Crude Futures rose 18 cents or 0.29% to $61.80. Prices fell more than 2% the previous session, after President Donald Trump claimed that the U.S. and Iran were "close" to a nuclear agreement. He...

Refined Products

Russell: Asia's refined oil imports fall, but margins are still strong

In April, Asia's imports for key refined fuels like gasoline and diesel dropped to their lowest level in four years. This was due to refinery maintenance as well as a weaker demand from the region that is the largest importer. According to commodity analysts Kpler, the total imports of light distillates and middle distillates in April were 166.37 millions barrels, down from March's 195.54 and the lowest since April 2020. The sharp fall in imports for April was due to a decline in shipments by key exporters of refined goods. Kpler reports that India, which is the top fuel exporter...

Refined Products

Oil drops as traders keep an eye on the rise in U.S. crude stocks

The oil prices fell on Wednesday, as traders watched for a possible increase in U.S. crude stocks. Prices remained near their two-week highs though amid optimism following the United States' and China's agreement to temporarily lower reciprocal tariffs. Brent crude futures dropped 39 cents or 0.6% to $66.24 per barrel at 0400 GMT. U.S. West Texas Intermediate crude (WTI), which is a benchmark for the U.S., fell 36 cents or 0.6% to $63.31. Both benchmarks rose more than 2.5% the previous session. China and the United States agreed to suspend their trade war at least for 90 days. The United...

Crude Oil

Oil prices fall as rising supply concerns outweigh US-China trade relief

The oil price dropped on Tuesday, despite optimism about the pause in U.S.-China's trade war, after both countries temporarily reduced tariffs. Brent crude futures fell 22 cents or 0.3% to $64.74 a barrel at 0248 GMT. U.S. West Texas Intermediate crude (WTI), which is a blend of U.S. West Texas Intermediate and Brent crude, fell 18 cents or 0.3% to $61.77 per barrel. The benchmarks for both closed Monday with a 1.5% gain, their highest settlement since April 28. These gains are coming at a time when the global oil market is experiencing turmoil. Monday saw Wall Street stocks, crude...

Oil & Gas

Oil prices drop from 2-week highs following US-China tariff war

The oil prices fell on Tuesday, from the two-week high they reached in the previous session. This was after the U.S. & China agreed to temporarily reduce tariffs. This sparked optimism that the trade war between two of the largest economies in the world would end. The U.S.-China agreement to reduce steep tariffs by at least 90 day sent Wall Street stocks, U.S. dollars and crude oil prices sharply higher Monday. The dispute is not over, but the underlying issues that caused it remain. These include the U.S.-China trade deficit and U.S. president Donald Trump's demands for Beijing to take...

Crude Oil

US House Budget Bill seeks to spend more than $1.5 Billion for Strategic Petroleum Reserve

The U.S. House Committee released a proposed budget that included more than $1.5billion to replenish and maintain Strategic Petroleum Reserve. It also cancelled a sale mandated by Congress, after huge sales in 2022. The House Energy and Commerce Committee's proposal, released late Sunday, includes $1.32 billion for oil purchases to replenish the SPR - the world's biggest emergency crude stockpile - and $218 millions for the maintenance of the facility. In March, U.S. Energy Sec. Chris Wright estimated that it would require $20 billion over years to achieve President Donald Trump's aim of filling up the SPR. This would benefit...

Crude Oil

US House Budget Bill seeks to spend more than $1.5 Billion for Strategic Petroleum Reserve

The U.S. House Committee released a proposed budget that included more than $1.5billion to replenish and maintain Strategic Petroleum Reserve. It also cancelled a sale mandated by Congress, after huge sales in 2022. The House Energy and Commerce Committee's measure, released late Sunday, includes $1.32 billion for the purchase of oil to replenish the SPR - the world's biggest emergency crude stockpile - and $218 millions for the maintenance of the facility. In March, U.S. Energy Sec. Chris Wright estimated that it would require $20 billion over years to achieve President Donald Trump's aim of filling up the SPR. This...

Energy Markets

Chinese passenger vehicle sales rose for the third consecutive month in April

China's car sales in April rose for a third month, up 14.8% from a year earlier, as government-subsidised auto trade-ins mitigated the impact of U.S. tariffs on consumer sentiment. The China Passenger Car Association reported on Sunday that passenger vehicle sales for the month of December totaled 1.78 million vehicles, and the first four months in 2025 saw an 8.2% increase from the same period a decade earlier. Last month, sales of new energy vehicles (electric vehicles, plug-in hybrids and other electric vehicles) increased by 33.9% on an annual basis, making up 50.8%. Official data shows that the government program...

Energy Markets

Monster Beverage reports surprise drop in net quarterly sales due to choppy demand

Monster Beverage announced a surprising fall in revenue for the first quarter on Thursday. This indicates that consumers in America have cut back on spending on expensive energy drinks due to economic uncertainty. Consumer spending was affected by the cold weather in January, and high inflation in March. The company also attributed a decline in net sales due to changes in order patterns by bottlers and distributers in Europe and the U.S., as well as foreign currency headwinds. Monster Beverage hedges its aluminum price increases, but will recognize the tariffs placed on the imports due to the higher U.S. Midwest...

Refined Products

MP Materials suffers a quarterly loss due to rising production costs

MP Materials, a U.S. rare-earths producer, announced on Thursday it had swung into a loss in the first quarter due to rising production costs as well as interest expenses. However, results were within expectations. These are the first results since the Las Vegas company announced last month that it would no longer ship the minerals to China to be processed in response to Beijing’s tariffs. The company's revenue will be affected by this move, but not until the second quarter results are released in August. The company reported a loss of $22.6m, or 14c per share for the first quarter...

Europe

Energy Markets

Saudi Arabia is poised to increase the summer crude burning for power as fuel oil costs rise

Analyst and trade sources say that Saudi Arabia will burn more crude oil this summer for electricity generation than it did last year as the country ramps up production after OPEC+ relaxes supply controls, and fuel oil is becoming more expensive. OPEC's kingpin, by burning more crude oil, could help ease concerns about global oversupply. OPEC+ (which includes the Organization of Petroleum Exporting Countries, as well as allies like Russia) agreed to increase production in April, may and June by almost 1 million barrels a day. Wood Mackenzie predicts that Saudi Arabia will consume 465,000-470,000 bpd for electricity generation this...

Oil Storage

Oil drops more than 1% amid expectations of a US-Iran nuke deal

Early Thursday, oil prices fell by nearly $1 on the back of expectations for a possible U.S. Iran nuclear deal. Meanwhile, an unexpected increase in U.S. crude inventories in the past week heightened investor concern about oversupply. Brent crude futures dropped 88 cents or 1.3% to $65.21 per barrel at 0055 GMT. U.S. West Texas Intermediate crude futures (WTI), which are based in the United States, fell 92 cents or 1.5% to $62.23. Both benchmarks fell by about 0.8% Wednesday. In an interview with NBC News published on Wednesday, an Iranian official said that Iran would be willing to make...

Energy Markets

Russell: China's rebound in crude oil imports has more of a bearish tone than a bullish one.

China's crude oil imports have been positive for the first few months of this year. However, rather than being a sign that fuel demand is improving, the improvement has more to do with rising inventories. Customs data released Friday show that the world's largest crude importer, Saudi Arabia, recorded an average of 11,69 million barrels a day in April. This is down from March's 12,1 million bpd, but up 7.5% from the 10,88 million bpd for the same period last year. The imports in March were the highest since August 2023, and April's relatively strong performance brought the arrivals of...

Western Europe

Middle East

Crude Oil

Reports that Israel could attack Iran cause supply concerns

The price of oil jumped by more than 1% after Israel was reported to be preparing an attack on Iranian nuclear facilities. This sparked fears that the conflict could disrupt supply in this key Middle East region. Brent futures rose by 97 cents or 1.5% to $66.35 per barrel at 0330 GMT. U.S. West Texas Intermediate Crude Futures for July rose 96 cents or 1.6% to $62.99. The WTI contract for June expired at $62.56 on Tuesday. CNN reported Tuesday that the United States has received new intelligence suggesting that Israel is planning to attack Iranian nuclear facilities. CNN cited...

Energy Markets

Oil prices fall on weak China demand and geopolitical uncertainties

The oil prices dropped on Tuesday as a result of uncertainty surrounding the U.S.-Iran nuclear negotiations and Russia-Ukraine talks. Meanwhile, new government data revealed a cautious outlook for China's economy, which is the world's largest crude importer. Brent futures fell 42 cents or 0.6% to $65.12 per barrel at 11:02 am EDT (1502 GMT), whereas U.S. West Texas Intermediate crude (WTI) dropped 26 cents or 0.4% to $62.43. Iran's Ayatollah Khamenei, the Supreme Leader of Iran, said that U.S. demands for Tehran to stop enriching its uranium were "excessive" and "outrageous," and expressed doubts about whether negotiations on a new...

Energy Markets

China data shows that oil prices are little changed, as investors focus on Iran-US talks

The oil price was little changed Monday as investors awaited the outcome of the Iran-U.S. Nuclear Talks and the key economic data from China in order to assess its commodity demand following the trade tensions between the United States and China. Brent crude futures were down 5 cents at $65.36 per barrel as of 0022 GMT, while U.S. West Texas intermediate crude was up 3 cents at $62.52 per barrel. The front-month WTI contract expires Tuesday. The more active July contract dropped 4 cents to a barrel of $61.93. Both contracts increased by more than 1% after the U.S., China...

Oil & Gas

IEA predicts a slowdown in the growth of global oil demand for the remainder of 2025

The International Energy Agency (IEA), said Thursday that economic headwinds and record sales of electric cars will reduce global oil consumption growth to 650,000 barrels a day for the rest of 2025. This is a significant drop from the 990 000 bpd that the IEA estimated for the demand growth between January and March. In its oil market report for May, the IEA stated that "increased trade uncertainties are expected to have a negative impact on the global economy, and by extension, the oil demand." IEA expects the global demand to grow by 740,000 bpd this year. This is an...

Energy Markets

After price drop, OPEC expects a slower growth in oil supply from competitors by 2025

OPEC cut its forecast on Wednesday for the growth of oil supply this year from the United States, and other producers outside OPEC+. It also said that it expects lower capital expenditures following the decline in oil prices. OPEC reported in a report that the supply from countries outside of the Declaration of Cooperation – the formal name of OPEC+ – will increase by 800,000 barrels a day in 2025. This is down from the forecast of 900,000. Slowing down the growth of supply outside OPEC+ (which includes the Organization of the Petroleum Exporting Countries, Russia, and other allies) would...

Crude Oil

Prices of oil rise after US-China trade talks calm market fears

The oil prices increased on Monday, after both sides of the U.S. and China trade talks announced their progress over the weekend. This lifted the market's sentiment that they may be moving towards a resolution to their trade dispute. Brent crude futures rose 27 cents or 0.4% to $64.18 per barrel at 0001 GMT. U.S. West Texas Intermediate crude futures traded at $61,30 per barrel, up by 28 cents or 0.5% from Friday's closing price. The benchmarks gained more than $1 last Friday, and over 4% in the past week. This was their first weekly gain since mid-April. A U.S....

Crude Oil

Oil prices remain stable ahead of Sino-US Trade Meeting

The oil prices were not much changed on Friday morning after a rise of more than 3% the previous day. Trade tensions between the top oil consumers, the United States and China, showed signs that they are easing. Britain also announced a "breakthrough deal" with the United States. Brent crude increased 7 cents or 0.1% to $62,91 a barrel, while U.S. West Texas intermediate crude was up by 7 cents or 0.1% at $59.98 a barrel as of 0121 GMT. Brent crude settled at $1.72, up 2.8% on Thursday. WTI was up 3.2% at $1.84. U.S. Treasury Sec. Scott Bessent...

Refined Products

OPEC's April oil production is lower despite plans to increase, survey finds

A survey shows that OPEC's oil production fell in April despite a planned increase in output. This was due to a reduction in Venezuelan supplies in response to renewed U.S. efforts to reduce the flow of oil and smaller drops in Iraq, Libya, and Libya. According to a survey released on Thursday, the Organization of the Petroleum Exporting Countries (OPEC) produced 26.60 millions barrels of oil per day in March, a decrease of 30,000 barrels per days from the total for the month of March. This was due to a reduction by some producers, which was offset by an increase...

Fossil Fuels

Oil prices rise as the market looks at US-China trade negotiations and lower US output

Investors focused on U.S. China trade talks and signs that U.S. oil production is declining. Brent crude futures rose 44 cents a bar, or 0.7% to $62,59 a bar by 0400 GMT. U.S. West Texas Intermediate crude gained 50 cents or 0.9% at $59.59 a gallon. The benchmarks fell to a 4-year low after OPEC+ decided to increase output. This fueled fears of an oversupply, at a time that U.S. Tariffs are increasing concerns about demand. Brent crude is trading higher on news that the U.S. will begin trade talks with China this weekend, extending a rally in oil, said...

Energy Markets

Oil prices rise on signs that Europe and China are increasing their demand and US production is decreasing

Prices rose on Wednesday as buyers returned to the market after the prices had fallen to new lows the previous week. Brent crude futures rose 37 cents a bar, or 0.6% to $62.52 a bar by 1215 GMT. U.S. West Texas Intermediate Crude was at $59.53 a bale, up 44 cents or 0.74%. The benchmarks fell to a 4-year low following OPEC+’s decision to accelerate output increases. This stoked concerns of an oversupply, at a time that U.S. Tariffs are causing concern about demand. The lower oil prices of recent weeks have led some U.S. companies like Diamondback Energy, Coterra...

Crude Oil

Oil prices drop, causing buyers to buy more; concerns about oversupply weigh

The oil price rebounded by over 1% Tuesday, with technical rebounding and dip-buying after a previous session's drop due to OPEC+'s decision to increase output. However, concerns about the outlook for a market surplus persisted. Brent crude futures rose by 92 cents a barrel to $61.15 at 0309 GMT. U.S. West Texas intermediate crude gained 89 cents a barrel to $58.02 The OPEC+ decision to increase oil production for a second month in a row, made over the weekend, pushed both benchmarks down to their lowest levels since February 2021. Yeap Jun Rong is a market analyst at IG. He...

Fossil Fuels

India's BPCL expects to gain $20-30/ton by swapping Middle East LPG for cheaper US supplies

Bharat Petrol Corp. Ltd., an Indian fuel retailer, expects to make a net profit of $20 to $30 per metric ton when it delivers U.S. LPG through a swap agreement with Middle Eastern suppliers. Its head of finance stated this on Friday. Analysts were told by Vetsa Ramakrishna that BPCL, India’s second largest state refiner, was in discussions with suppliers about swapping Middle Eastern cargo for U.S. supplies. The U.S.-China trade war has increased the gap in price between Middle Eastern LPG and U.S. LPG, and disrupted trade routes. China imposed tariffs on U.S. goods in response to the U.S....