Refined Products

Prices were not much changed Monday, as investors watched for potential disruptions in supply from OPEC member Iran. However, efforts to resume Venezuelan oil exports quickly kept prices under control. Brent crude futures fell 5 cents, to $63.29 per barrel at 0131 GMT. U.S. West Texas intermediate crude dropped 6 cents, to $59.06 per barrel. Both contracts rose more than 3% in the last week, clinching their largest weekly increase since October. This was due to Iran's clerical regime stepping up its crackdown against the largest demonstrations since 2012. Saul Kavonic is the head of MST Marquee's energy research. He...

The oil prices rose on Monday due to a?growing 'concern that the intensifying protests against Iran could disrupt the OPEC producers supply. However, efforts by Venezuela to resume exports of crude oil are limiting gains. Brent crude futures rose 31 cents or 0.49% to $63.65 per barrel at 0006 GMT, while U.S. West Texas Intermediate crude was up 30 cents or 0.51%, at $59.42. The two contracts both rose by a combined 3% in the last week, their largest weekly increase since October. This was due to Iran's clerical establishment stepping up its crackdown against the largest demonstrations since 2012....

Citgo Petroleum is the crown jewel in the foreign assets of Venezuela. Sources close to the situation said that the U.S. president Donald Trump has been moving quickly to put together $100 billion to revive Venezuela's petroleum industry. Citgo, based in Houston, has been involved in the auction organized by a Delaware Court to settle debts and expropriations of Venezuelan assets. The court approved the $5.9 billion offer in November and ordered that the shares of Citgo Parent be sold to Amber Energy. This is an affiliate of the U.S. hedge-fund Elliott Investment Management. However, its execution needs regulatory approvals...

On 'Friday, oil prices rose for the second consecutive day, resulting in their third weekly increase, due to uncertainty over future supply from Venezuela and Iranian unrest. Brent futures gained 40 cents or 0.7% to $62.39 a barrel at 0400 GMT. U.S. West Texas Intermediate crude (WTI), however, rose 35 cents or 0.6% to $58.11. Brent will rise 2.7% this week while WTI is up 1.4%. "Bottlenecks of the flow of sanctioned barley and steady demand signals seem to counter the backdrop for an oversupplied in 2026 at least for now," said Priyanka Sahdeva, Senior market analyst at Phillip Nova....

The Wall Street Journal reported that U.S. president Donald Trump, along with his advisers, are planning to dominate the "Venezuelan Oil Industry" for many years. Trump told his aides that he believed his efforts could lower oil prices as low as $50 per barrel. The report cited people who were familiar with the situation as saying that the U.S. was considering a plan in which they would exert?some control? over Venezuela's PDVSA state-run oil firm, including purchasing and marketing the majority of its oil production. Could not confirm immediately the report. The White House didn't immediately respond to the?'?zeit imediat??'?...

Oil prices dropped on Tuesday, as traders assessed the possibility of increased Venezuelan crude production following the capture by the U.S. of President Nicolas Maduro. This added to expectations that global supplies would be ample this year due to weak demand. Brent crude futures fell by 0.2% at $61.62 per barrel as of 0103 GMT, while U.S. West Texas Intermediate crude crude dropped 0.3% to $58.15 per barrel. Ed Meir, Marex analyst, said: "I believe that if even a small part of the Trump playbook comes true, Venezuelan crude production should increase... If it increases, this will put more pressure...

Here are some key facts about Venezuela's oil and mining sector, after the capture of President Nicolas Maduro by U.S. troops on Saturday. RESERVES Official data show that Venezuela may have the largest oil reserves in the world, but its crude production is only a fraction of what it could be due to years of mismanagement, a lack of investment, and sanctions. According to the Energy Institute in London, Venezuela has about 17% of the global?reserves (303 billion barrels), ahead of Saudi Arabia as the leader of the Organization of Petroleum Exporting Countries. According to the U.S. Department of Energy,...

Phillips 66, a U.S. refiner, announced on Monday that it has agreed to purchase the assets and infrastructure from the?Lindsey Oil Refinery located in northern England after the site was liquidated. Phillips 66 will also integrate?the main facilities into its Humber Refinery. The Lindsey Refinery closed down in July of last year, after the previous owner Prax went bankrupt. This put the 420 jobs on the site in danger. Phillips 66 did not reveal the value of the deal, but said that it decided to not restart standalone operations in the refinery after a thorough review during the bid process....

Phillips 66, a U.S.-based refiner, announced on Monday that it had?agreed? to purchase the assets and infrastructure from the Lindsey Oil Refinery located in northern?England after the site was liquidated. It will also integrate the key facilities with its Humber?Refinery. The Lindsey Refinery closed last July after the previous owner Prax went bankrupt, putting 420 jobs on the site in danger. Phillips 66 did not reveal the value of the deal, but said that it decided to not restart standalone operations in the refinery after a thorough review during the bid process. The site, they stated, was 'unviable as is,...

Phillips 66 announced on Monday that it has agreed to purchase the assets - and infrastructure - of the Lindsey Oil Refinery, located in northern England, after the site was liquidated. It will then 'integrate' the key facilities within its Humber Refinery. After a thorough review of the bid process, the U.S. refiner announced that it would not restart standalone operations in the British refinery due to the site's size, capabilities and facilities. Phillips stated that the Humber Refinery Complex will integrate storage and infrastructure assets from Lindsey, which will improve supply flexibility, as well as support both traditional?and alternative...

Investors bet on President Donald Trump's decision to take action against Venezuela's government, believing that it would give American companies greater access the world's largest oil reserve. Shares of Chevron - the only U.S.'major' currently operating in Venezuelan oil fields - climbed 7.3%. Meanwhile, refiners Phillips 66 and Marathon Petroleum, Valero Energy, PBF Energy, and Valero Energy all saw gains between 5% to 16%. After President Nicolas Maduro was arrested, Trump stated that the U.S. required "total" access to Venezuela's vast reserves of oil. This heightened expectations in Washington regarding the possibility of easing restrictions on Venezuelan crude exports. Trump...

Here are some facts about Venezuela's oil industry, which was captured on Saturday by U.S. troops, according to U.S. President Donald Trump. RESERVES Official data indicates that Venezuela has the largest oil reserves in the world, but its crude production remains at a fraction of its capacity due to mismanagement and lack of investment, as well as?sanctions. According to the London-based Energy Institute, Venezuela has about 17% or 303 billion barrels of global reserves, which is ahead of OPEC leader Saudi Arabia. According to the U.S. Department of energy, Venezuela's heavy oil reserves, located in Orinoco, are expensive to produce...

Kpler, a shipping data intelligence company, said that Iran has a record of oil in the water, which is equivalent to 50 days' worth of production. This is because China has purchased less oil?because of the sanctions, and Tehran wants to protect its supply from the threat of U.S. attacks. According to Kpler's data, the amount of Iranian crude oil and condensate on tankers or floating storage vessels reached a record 166 million barrels during the week ending January 11. This is according to data that dates back as far as 2016. Donald Trump, the U.S. president, has warned of...

Portuguese energy company Galp is in talks with private equity-backed Moeve to merge their refining and?chemicals businesses as well as fuel retail businesses. They announced the deal on Thursday. According to their non-binding contract,?Galp, Spain's Moeve and the United Arab Emirates state-owned investment firm Mubadala, as well as U.S. investment firm Carlyle Group plan to form two new companies. One would run 3,500 retail fuel stations, primarily in Spain and Portugal. It would sell more than 6 million metric tonnes of refined products per year. The other would run Moeve’s Huelva, Algeciras and Galp’s Sines oil refineries. Three facilities with...

After two days of declining prices, oil prices increased on Thursday as the?U.S. Investors were encouraged to purchase futures as they watched Venezuela's developments. Brent crude futures rose 24 cents or 0.40% to $60.20 per barrel at 0343 GMT. U.S. West Texas Intermediate crude crude was up 22 cents or 0.39%. The benchmarks for both oil and gas fell by more than 1% on Wednesday, with the market expecting plenty of supply in 2019. Morgan Stanley analysts, for example, estimate that there will be a surplus as high as 3,000,000 barrels a day during the first half 2026. Mitsuru Muraishi...

Oil prices rose slightly on Thursday after two days of declines. A larger-than expected drawdown in U.S. crude stocks provided an impetus for investors to purchase futures as they monitored developments in Venezuela. Brent crude futures rose 38 cents or 0.6% to $60.34 per barrel at 0104 GMT, while U.S. West Texas Intermediate Crude was up 37 cents or 0.7%, and $56.36 per barrel. Morgan Stanley analysts, for example, estimate that there will be a global surplus of up to 3 million barrels a day in the first half 2026. Mitsuru Muraishi is an analyst with Fujitomi Securities. Pullback buying...

Oil prices rose marginally on the first trading day in 2026, after registering their largest annual loss since 2010. This was due to Ukrainian drones targeting Russian oil facilities and a U.S. trade blockade that impacted Venezuelan exports. Brent crude futures rose 22 cents Friday to $61.07 per barrel at 0833 GMT, while U.S. West Texas intermediate crude rose 22cents to $57.64. On New Year's Day, Russia and Ukraine exchanged accusations of attacks against civilians despite the talks that were overseen by U.S. president Donald Trump. The talks are meant to bring an end to a nearly four-year war. Kyiv...

The oil prices fell a bit early Tuesday morning after they had risen more than 2% the previous day. This was partly due to spillovers from a drop in precious metals, while escalating tensions between Russia and Ukraine left markets dealing with supply disruption concerns. Brent crude futures expiring?on? Tuesday were down 21 cents or 0.3% at $61.73 per barrel by 0150 GMT. The March contract, which is more active, was down 19 cents (0.3%) at $61.30. U.S. West Texas Intermediate Crude fell 20 cents or 0.3% to $57.88. Both contracts closed more than 2% above the previous session, after...

Bahrain announced several fiscal measures on Monday. These included raising fuel prices, increasing tariffs on water and electricity, and increasing dividends from government-owned companies, as well as other fees and tax. Bahrain, one of the Gulf's smaller producers of oil, has increased its efforts to diversify away from hydrocarbons and into other areas, such as tourism and financial services. However, lower?oil price have had a negative impact on public finances and growth. Bahrain plans to?raise natural gas prices and reduce administrative government expenditure by 20%. It will also introduce a new corporate income tax law for local companies. The statement...

The oil prices were stable on Wednesday after they had risen in the five previous sessions. This was due to the robust economic growth of the United States and the threat of disruptions in supply from Venezuela and Russia. Brent crude futures fell 1 cent, to $62.37 per barrel at 0326 GMT. U.S. West Texas intermediate crude rose 1 cent, to $58.39. The two contracts have increased by about 6% each since the 16th of December, when they plummeted to levels not far from five-year lows. "What 'we've seen in the past week was a combination position squaring on thin...

The oil prices rose modestly on Wednesday. They extended gains from the previous session. This was due to the robust U.S. economy and the threat of "supply disruptions" from Venezuela and Russia. Brent crude futures rose 4 cents or 0.06% to $62.42 per barrel at 0117 GMT. U.S. West Texas Intermediate crude gained 3 cents or 0.05% to $58.41. Brent oil prices rose by over 2% Monday. WTI also climbed the highest since November 14. Prices rose by more than 0.5% again on Tuesday. In its first estimate of the third-quarter GDP, Commerce Department's Bureau of Economic Analysis stated that...

The oil prices remained stable on Tuesday, after rising by more than 2% the previous session. The U.S. announced that it may sell the Venezuelan crude they seized. Meanwhile, Ukraine's attacks against Russian vessels and piers increased fears of supply disruption. Brent crude futures fell by 6 cents or 0.1% to $62.01 a barrel at 0440 GMT. U.S. West Texas Intermediate crude (WTI), which is a blend of West Texas and Texas Intermediate crudes, fell 9 cents or 0.16% to $57.92. Brent's daily performance was the best in two months, and WTI rose to its highest level since November 14....

QatarEnergy lowered the term premium on the?al-Shaheen oil loading for February, according to several 'trade sources'. This was due to the weakness of the spot benchmark premiums. The company, which is owned by the state, set February's prices at 53 cents per barrel over Dubai's quotes. This was down from 84 cents in January. Loading of January cargoes The price reduction?followed the decline in spot premiums of Middle East crude oil so far in this month. This was weighed down by abundant supplies on the?market, and an outlook for a surplus in 2026. QatarEnergy has sold five cargoes to Glencore,...

State media reported that Iran would raise its price for heavily subsidised gasoline on Saturday. The OPEC member is trying to curb 'rising fuel demands without provoking public anger. The proposal to increase Iran's fuel prices, which are among the lowest in the entire world, has been put off for a long time, reportedly due to fears that it could lead a similar protest wave that was seen in 2019. State television reported that the government would introduce a 'higher rate' of 50,000 Iranian Rials per litre (four U.S. Cents above the 'free market rate") at midnight on Saturday for...