Refined Products

The oil prices fell on Tuesday, as traders assessed the impact of Western sanctions against Russian flows, and supply concerns eased after the loading of cargo at a Russian hub was resumed following a drone strike in Ukraine. Brent crude futures fell 46 cents or 0.72% to $63.74 per barrel as of 0420 GMT. U.S. West Texas Intermediate crude futures fell 45 cents or 0.75% to $59.46 per barrel. According to two industry sources, and LSEG data, the Russian port of Novorossiysk resumed oil loadings Sunday after a two-day interruption caused by a Ukrainian drone and missile attack. In a...

Two trade sources familiar with the matter confirmed that Indian state refiners awarded their first long-term joint tenders in 2026 to Chevron Phillips 66, and TotalEnergies Trading SA for the import of U.S. liquefied gas. India is planning to increase energy imports to the U.S. in order to reduce its trade surplus. This is a major irritation for President Donald Trump who imposed a 50% tariff on Indian imports. The three refiners wanted to jointly purchase 48 large gas carriers or 2 million metric tonnes of LPG by 2026. LPG, a mixture of butane and propane, is used to cook....

Both the United States and Japan use a novel tool to combat inflation: fiscal stimuli. Both U.S. president Donald Trump and Japan’s prime minister Sanae Takaichi want to calm down angry voters who are being squeezed by rising costs of living. Offering lavish fiscal giveaways in order to control inflation is like trying to put out a raging fire by dousing it with petrol. Trump's Republican Party lost key gubernatorial elections and mayoral elections earlier this month. Concerns about high costs of living were a big factor. The White House seems to have heard loud and clear the electorate. The...

Oil prices fell on Thursday, continuing losses from the previous day, after a report indicating rising crude inventories at the U.S. heightened concerns that global supplies are more than enough to meet the current fuel demand. Brent crude futures dropped 9 cents or 0.1% to $62.62 per barrel at 0336 GMT after falling 3.8% the day before. U.S. West Texas Intermediate Crude fell 11 cents or 0.2% to $58.38 per barrel, continuing a 4.2% drop on Wednesday. According to market sources, who cited American Petroleum Institute data, U.S. crude stocks rose by 1.3m barrels during the week ending November 7,...

According to sources familiar with the plant's operations, Marathon Petroleum has restarted the last repaired portion of the residual hydrotreater at its 631,000 barrels per day (bpd), Galveston Bay refinery in Texas City. Jamal Kheiry, the spokesperson for Marathon, declined to comment on operations at its refinery Wednesday. Sources said that the last section was a hydrocracker located on the RHU of 64,000 bpd, which had been heavily damaged in a fire in June. The hydrocracker should restart by the week's end. Sources told us in October that the hydrocracker repair work would be completed in November. A restart was...

The oil prices dropped for the second day in a row on Thursday, as a report from the industry showed that crude inventories were rising in the U.S. Brent crude futures dropped 3 cents or 0.03% to $62.69 per barrel at 0234 GMT after falling 3.8% the previous session. U.S. West Texas Intermediate Crude fell 5 cents or 0.09% to $58.44 per barrel, continuing its 4.2% drop on Wednesday. According to market sources, citing American Petroleum Institute data on Wednesday, U.S. crude stocks rose by 1.3m barrels during the week ending November 7. The API data showed that gasoline and...

The chairman of Bulgaria's state reserves agency announced on Tuesday that the country has one month's worth of gasoline left to prepare for U.S. Sanctions against Russia's Lukoil. Lukoil owns Bulgaria's biggest oil refinery, as well as its storage and pipeline infrastructure. Last month, the U.S., Britain, and France imposed sanctions against Lukoil, and Rosneft - Russia's largest oil companies - over Moscow's conflict in Ukraine. This threatened their operations, which still stretch across Europe. The U.S. sanction, scheduled to start on November 21, has raised concerns over fuel supplies in Bulgaria ahead of winter, where Lukoil operates the Burgas...

Sources in the trade said that two Indian state refiners purchased 5,000,000 barrels of crude from spot markets through tenders, as they continue their search for alternatives to Russian supplies. Hindustan Petroleum Corp. has purchased 2 million barrels of each U.S. West Texas Intermediate and Abu Dhabi Murban crudes for arrival in January, according to reports. Mangalore Refinery and Petrochemicals Ltd purchased one million barrels Basra Medium Crude for delivery between January 1-7, according to the company. It was not immediately clear who the sellers were or what their prices were. Indian refiners have been looking for alternatives since U.S....

Helsingin Sanomat, citing Teboil's spokesperson, reported Friday that the Finnish petrol station chain Teboil is out of fuel due to U.S. sanctions imposed on its parent company. Donald Trump, the U.S. president, announced on October 22 that Rosneft (Russia's oil company) and Lukoil would be subject to sanctions as a result of a policy shift regarding Moscow's conflict in Ukraine. He also said that companies who do business with these two groups may face sanctions. The U.S. Treasury referred to Gunvor as Russia's "puppet", and indicated that Washington was against the deal. On November 6, a deal between Gunvor, a...

DuPont announced that it would raise its core earnings forecast for the full year and announce a share repurchase program of $2 billion after reporting earnings in the third quarter which exceeded Wall Street expectations, due to strong demand from electronics, healthcare, and water markets. The industrial materials manufacturer's forecast increase and share repurchase program, announced on Thursday, demonstrate confidence in the company's strategy to refocus its efforts on high-growth markets such as technology and water following the planned separation and divestiture of the Qnity electronics division and Aramids. The company will rely on the strong demand for semiconductors, biopharmaceuticals...

DuPont, a maker of industrial materials, forecast sales and adjusted profits for the current quarter below Wall Street expectations on Thursday. This was due to its planned spin-off of Qnity Electronics and Aramids divestiture. Wilmington, Delaware based company is undergoing a strategic restructuring and trying to streamline its product portfolio. The chemicals industry is struggling with rising feedstock and energy prices. The industry is also affected by the lack of demand, particularly in Europe where strict regulations have increased the costs of manufacturing. DuPont announced in August that it would sell Aramids (which includes brands like body armor maker Kevlar)...

The oil prices fell on Wednesday as investors assessed the outlook for supply, amid a wider financial market slump and a stronger U.S. Dollar. Brent crude futures fell by 6 cents or 0.1% to $64.38 per barrel at 0408 GMT. They had previously hit a two-week low. U.S. West Texas Intermediate Crude was down 10 cents or 0.17% at $60.46. In a client note published on Wednesday, ANZ analysts noted that investors had left the energy market due to a risk-off mood across all markets. After an overnight sell-off led by tech on Wall Street, the market volatility in Asia...

The oil prices rose by about 2% Friday due to supply concerns after a Ukrainian drone attacked an oil depot at the Russian Black Sea port Novorossiysk. This is a major export center. Brent crude futures increased $1.24 or 1.97% to $64.25 a bar by 0315 GMT. U.S. West Texas Intermediate Crude rose $1.25 or 2.13% to $59.94 a bar. Russian officials reported that the attack occurred early Friday morning and damaged a ship docked in port as well as apartment buildings and a depot of oil in the Russian Black Sea Port of Novorossiysk. Three crew members were injured....

The oil prices increased by more than 2% after an attack by a Ukrainian drone on a depot of crude oil in the Russian Black Sea Port of Novorossiysk. Brent crude futures increased $1.34 or 2.13% to $64.35 a bar by 0227 GMT. U.S. West Texas Intermediate Crude rose $1.40 or 2.39% to $60.09 a bar. According to a Telegram post by the operational headquarters for Krasnodar Region, drone fragments struck three apartments, an oil depot and coastal structures in a complex of trans-shipment. The benchmarks remained unchanged on Thursday, as fears of looming Russian sanctions countered worries about the...

The oil prices are little changed today after they rose in the previous session. This is because of the expectation that the end of the longest U.S. government shut down could increase demand in this country, the world's largest crude consumer. Brent crude futures fell 8 cents or 0.12% to $65.08 per barrel at 0106 GMT, after rising 1.7% on the previous day. U.S. West Texas Intermediate Crude was down 7 cents or 0.11% to $60.97 per barrel after gaining 1.5% the previous session. The U.S. Republican-controlled House of Representatives is set to vote on Wednesday afternoon on a bill,...

Kuwait Petroleum Corp. has offered heavy crude to be loaded in December through a spot bid, according to sources within the industry and the tender document. This is because it sells extra oil that Al-Zour Refinery cannot process. The producer offered to load 500,000 barrels Kuwait Heavy Crude on December 6 and 7, as well as the same amount of Eocene Crude on December 8 and 9. The bids will be valid until Thursday. KPC now has a total of 3.9 million barrels in heavy crude spot sales. Kuwait Integrated Petroleum Industries Company (KIPIC) has announced that on October 21...

Three trade sources reported on Monday that Indian refiner HPCL Mittal Energy Ltd issued a very rare spot tender for two cargoes each of naphtha to be delivered in November after it was unable to obtain supplies from Russia of this petrochemical feedstock. One source said that the tender was extended to November 12th. Two of the sources said that HMEL wants naphtha to have a minimum paraffin content of 60% and a maximum sulphur level of 500 ppm, for delivery in Mundra port on November 9-12 or November 13-18. Part of the naphtha required for the cracker is met...

After three days of declining prices, oil prices rose on Friday on concerns about an excess of supply and a slowing in demand in the U.S. Prices are still set to fall for a second consecutive week. Brent crude futures increased 28 cents or 0.44% to $63.66 per barrel at 0421 GMT. U.S. West Texas Intermediate Crude was up 29 cents or 0.49% at $59.72 per barrel. Brent and WTI will fall by about 2% in the coming week. This is the second consecutive week that Brent and WTI have fallen, due to major global producers increasing their output. Tony...

Local media reported that the ruling party of Bulgaria plans to introduce legislation to allow a special manager to supervise the sale, if one is appointed, of the Burgas Oil Refinery owned by the Russian oil company Lukoil sanctioned by the United States. Mediapool in Bulgaria reported the draft document. It would allow a special manager the right to sell an asset. The legal owner of the refinery would not have the right to vote or appeal. Last month, the U.S., Britain, and France imposed sanctions against Russia's biggest oil companies Lukoil, and Rosneft over Moscow's conflict in Ukraine. This...

The oil prices dropped on Wednesday, amid a global sell-off that reflected concerns over economic growth and fuel demand. A stronger dollar and reports about rising U.S. crude stocks added to the worry. Brent crude futures dropped 36 cents or 0.56% to $64.08 per barrel at 0221 GMT. U.S. West Texas Intermediate Crude was down by 40 cents or 0.66% at $60.16. Both contracts continued to lose money from Tuesday. Oil markets fell as part of an overall slump in equity markets. Asian stock markets added on Wednesday to a drop overnight on Wall Street due to concerns that stock...

Sources claim that the Russian oil giant Lukoil struggles to maintain operations at its vast foreign businesses, as Western sanctions disrupt oil loads in Iraq, pumping stations in Finland, and trading in Switzerland. Last month, the United States and United Kingdom imposed sanctions against Russia's second largest oil company. This has complicated its operations. The U.S. Treasury Department has issued a license giving companies until 21 November to end any transactions with Lukoil or Rosneft, the number one oil producer. Sanctions are being felt in all regions where the company is active. Iraq's Somo, the state-owned firm, has cancelled the...

Two trade sources reported on Monday that India's Bharat Oil Corp bought crude oil in Abu Dhabi as part of a spot-tender to replace oil imported from Russia, after the U.S. imposed sanctions against two major Russian producers. They said that the Indian refiner bought 2 million barrels Upper Zakum crude to be loaded in December. ADNOC Trading is said to be the supplier of the cargo, according to a source. Washington imposed sanctions last week on Rosneft, and Lukoil - the two largest Russian oil companies - in an effort to increase pressure on President Vladimir Putin for ending...

The oil prices fell on Tuesday, extending the declines from the previous two sessions. This was due to OPEC's plans to increase output, which offset optimism about a possible U.S. China trade deal. Brent crude futures dropped 4 cents, to $65.58 per barrel at 0106 GMT. U.S. West Texas Intermediate Crude Futures fell 9 cents to $61.22. In a morning report, ANZ stated that traders weighed progress in U.S. China trade talks against the broader outlook of supply. OPEC+ - which includes the Organization of Petroleum Exporting Countries (OPEC) and its allies, including Russia - is leaning toward a modest...

Oil prices rose Monday after U.S. economic officials and Chinese economic officials drew up a framework for a trade deal, allaying fears that tariffs or export restrictions between the two world's largest oil consumers would dent global growth. Brent crude futures were up 47 cents or 0.71% to $66.41 per barrel at 0629 GMT. U.S. West Texas Intermediate Crude Futures rose 44 cents or 0.72% to $61.94 after rising by 8.9% and 7.7% respectively in the previous weeks due to U.S. Haitong Securities stated in a note to clients that the market has improved expectations following the new sanctions against...