Refined Products

The price of oil fell from its recent highs, wiping out some of the previous days' 4% increase. Traders sought clarity on the?complex?negotiations?between Iran and the U.S. Brent crude futures dropped $1.42 or 1.43% to $98.16 per barrel at 0253 GMT, while U.S. West Texas Intermediate crude (WTI), lost $1.66 or 1.77% to $92.23 per barrel. The price of oil soared after the U.S. The military launched new strikes against Iran, sapping hopes that the United States and Iran could?come to an agreement?to end the war. Iran claimed on Tuesday that the United States violated a truce by striking targets...

Chicago wheat futures declined for the?fourth session in a row on Tuesday, as rain eased drought conditions across U.S. cropping areas and traders prepared for fresh supplies from Northern Hemisphere harvests. As a result of the U.S. peace agreement with Iran, corn and soybean futures 'also 'fell, because traders positioned for fresh?supplies from Northern Hemisphere harvests. Chicago Board of Trade's most traded wheat contract was down 1.2% to $6.38-1/2 per bushel as of 0338 GMT. CBOT Corn fell 1.1% to $4.58-1/4 per bushel, while soybeans were trading 0.7% lower on $11.88-1/2. Wheat has fallen around 7% since a high of...

U.S. consumer confidence fell to a new record low in may as rising gasoline prices tied to the "Iran War" intensified affordability worries, underscoring broader dissatisfaction over President Donald Trump's economic management. University of Michigan Surveys of Consumers, conducted on Friday, showed that?sentiment between Republicans and Independents had dropped to its lowest level since Trump's second tenure. Trump's promise to lower inflation was a major reason he won reelection in 2024. However, Americans are now paying more for his tariffs as well as the U.S. and Israeli war against Iran. The conflict, which has lasted for almost three months, has...

The Memorial Day federal holidays on May 25 and May 24 will impact the release schedule for some major economic, energy, and commodities reports in Washington. The schedule is below. Time in EDT/GMT. Certain Treasury announcements may be subject to change. Monday, May 25, Memorial Day. Federal government offices, Federal Reserve and International Monetary Fund closed. Tuesday, May 26, Federal Reserve Bank of Chicago releases National Activity Index for the month of April, 830/1230 S&P Cotality Issues 20 Metro Area U.S. National Home Price Index for March, 09:00/1300 Federal Housing Finance Agency releases U.S. House Price Index, March 2009, 9am/1300...

Scientists from the U.S. Government said on Thursday that they anticipate a tropical storm season below normal in 2026. This will likely produce one to three hurricanes, with winds sustained at least 111 mph (179 kph). The National Oceanic and Atmospheric Administration has released its outlook for the coming season. It begins on June 1 and ends November 30. The forecasters predicted that eight to fourteen named tropical storms will form with winds at least 39mph. Three to six hurricanes, with winds at least 74mph, are likely to follow. Ken Graham, a director of the U.S. National Weather Service, said:...

Captain Chris Welch, of Kennebunk in Maine, has caught fewer lobsters than usual this spring due to the rising diesel prices. To conserve fuel, he checks and re-baits his traps once every seven to ten days. Welch, after fueling his vessel Quality Time on a rainy morning at Kennebunk's Harbor, said, "It reduces your profitability." "We have to pay more attention to the bottom line." Welch, a U.S. fisherman, is "one" of many around the globe whose boats spend more time docked this spring due to soaring fuel prices, driven by the U.S./Israeli war against Iran. This has compromised their...

Oil prices dropped?on Friday, continuing losses from the previous day as investors watched peace talks between Iran and the United States, while economic activity in Europe?shrank dramatically. Brent crude futures fell 82 cents or?0.8%? to $104.20 a barge by 0949 GMT. U.S. West Texas Intermediate Futures were down $60 cents or 0.6%?to $97.66. The benchmarks fell around 5.6% to their lowest level in over a week on Wednesday after U.S. president Donald Trump announced that talks with Iran are in the final stages. Tehran is responding to the text sent by the U.S., Iran's ISNA reported on Thursday. The news...

Russia announced?on Thursday it would provide active support to Cuba, despite efforts by the United States to 'intimidate' and tighten "sanctions" around the Communist island nation. The United States announced a murder charge against former president Raul Castro, Wednesday. This is a major escalation of Washington's war against Cuba. Maria Zakharova, spokeswoman for the Russian Foreign Ministry, told reporters that "we will continue to provide the most active support to a fraternal Cuban population during this extremely challenging period." "We reaffirm that we are fully united with Cuba. We condemn any attempts to grossly interfere in the internal affairs a...

Prices of oil fell on Wednesday, after U.S. president Donald Trump reiterated that the war against Iran would end "very soon", though investors are still wary over the outcome of the peace talks due to the continued disruptions in Middle East supply. Brent crude oil futures dropped 88 cents or 0.8% to $110.40 a bar by 0410 GMT. U.S. West Texas intermediate futures were also down 67 cents or 0.6% to $103.48. Emril Jamil is a senior oil analyst at LSEG. He said that benchmark prices have lowered on a possible deal as the market assesses geopolitical outcomes. He said...

Mali?Hightower found a toy in someone's garbage to solve the problem of high gas prices. The handyman, 30, from Ellenwood in?Georgia, stuck a broken pink Power Wheels Barbie Dream Camper, a battery operated toy car that was less than four feet high, with a two gallon, one piston engine. The handyman, 30, from Ellenwood,?Georgia, stuck a two-gallon, one-piston engine from a power washer into 'a broken pink Power Wheels Barbie Dream Camper -............... he was off to the store, with his knees up at his ears and....... Filling up his Mercedes-Benz convertible 1996 costs him about $90. Hightower said, "That's...

On Monday, protests over fuel price increases triggered by the 'Iran War' erupted across several Kenyan cities. This included a nationwide strike in public transport that left commuters stranded and forced some people to walk into work. Transport Sector Alliance announced on Sunday that its member associations' vehicles would cease operation at midnight to protest the latest price hike, and police have said they will act against any disruptions. Kenya's Energy & Petroleum Regulatory Authority raised retail fuel costs by up to 23.5% last week, after increasing them by 24.2%?last month. The conflict in the Middle East is causing global...

Prices of gasoline and diesel at the pumps in 'Cuba almost doubled on Friday. However, filling stations that were 'open to the public' in the capital remained largely closed due to a U.S. oil blockade which has stifled?supply. The Ministry of Finance and Prices announced earlier this week that the new pricing system would be revealed on Friday. It said the update was needed to reflect "actual" import costs of gas and diesel. Some Havana gas stations have posted signs indicating that premium gasoline is now $2.00 per liter, up from the previous $1.30. Diesel went up to $2.00 per...

The Saudi state oil giant Aramco has announced that it will transfer its equity stakes in joint ventures for petrochemicals and refining in Malaysia to Petronas. This ends an eight-year partnership between the two companies. In a joint press release, the two companies said that the deal is subject to closing conditions and will turn PRefChem into a fully owned subsidiary of Malaysia's state energy company. The financial terms of the deal were not disclosed. The?deal highlights how the Iran War is reshaping Asian energy partnerships. Since late February, the Strait of Hormuz has been effectively closed, reducing crude oil...

U.S. president?Donald Trump said on 'Monday that it should be mandatory for all countries, including Qatar, Pakistan and Egypt, Jordan, and Turkey, to sign the Abraham Accords en bloc as part?of a?effort to reach a?deal with Iran. Trump said he spoke to the leaders of these countries on Saturday, along with Saudi Arabia, Bahrain and Egypt, which has already signed the Abraham Accords. Trump said in a post posted on Truth?Social that it was "mandatory" that at least all these countries sign the Abraham Accords simultaneously. He said that these countries would be honored to have Iran included in the...

Dealers said that India's state-owned fuel retailers raised diesel prices by 2.71 rupees ($0.0283) and petrol by 2.61 rupees per litre, marking the fourth increase in a month to recover some losses caused by higher crude oil costs as a result of the Iran War. Indian state fuel retailers who control 90% of the Indian market began increasing pump prices on May 15, after elections were completed in certain key states. Since then, the state companies have increased?the price of petrol and diesel by approximately 7.8% and 8.6% respectively. New Delhi petrol will cost 102.12 rupees per litre, and diesel...

Marco Rubio, the Secretary of State, said that although there has been some progress in talks with Iran, and the United States is constantly communicating?with pakistani'mediators', there is still a lot more work to be done. There has been progress. I would not exaggerate. "I wouldn't minimize it," Rubio said to reporters following a NATO Ministers Meeting in Sweden. He added, "There is still more work to do." "We are not yet there." "I hope we get there." Rubio stated that President Donald Trump prefers to make a "good deal". He said that the core concern is that Iran cannot...

Analysts and traders alike predicted a market Armageddon if U.S. - Iran war continued and the Strait of Hormuz remained closed. Five weeks after the peace talks stalled and the strait remained largely closed, oil prices did not rise but instead fell to between $100-$110 per barrel. This fall was caused by several factors: Chinese refiners reduced refining and imports, and used crude oil from their tanks instead. The United States' refiners, traders and producers exported more fuel and oil to the global market to fill the supply gap from the Middle East. The Strait of Hormuz was the route...

The oil prices recovered on Thursday, after two days of losses. This was due to supply concerns arising from the uncertainty surrounding the end of the Iran War and the U.S. inventory withdrawal which raised fears about the depletion of global stocks. Brent crude futures grew 81 cents or 0.77% to $105.83 a barrel by 0055 GMT. U.S. West Texas intermediate futures rose 97 cents or 0.99% at $99.23. Both benchmarks fell more than 5.6% after U.S. president Donald Trump announced that negotiations with Iran are in their final stages. He also threatened to launch further attacks against Iran if...

Scott Irlbeck crouched in a field of stunted plants of wheat in a parched stretch in West Texas, and put his hand in a crack large enough to swallow it. Irlbeck had planted a crop last autumn that barely grew due to the lack of rain. Now he hopes that his insurance adjuster declares it a complete loss, so he won't have to spend money on expensive fuel next month in order to harvest the crop. The Iran war has led to a rise in fuel prices and the cost of commercial fertilizer. This is making it harder for farmers...

The U.S. Department of Energy reported on Monday that a'record 9.9 millions barrels of oil were shipped from the Strategic Petroleum Reserve in the United States last week. This pushed the total volume of the U.S. Government's emergency stockpile to 374 million barils, the lowest level since July 2024. The Trump administration wants to?release 172 million barrels of oil from the reserve, as?part a global deal to calm down the oil markets after prices?spiked due to the U.S. and Israel's war with Iran which began almost three months ago. In April, the?Energy Department offered approximately?92.5 millions barrels of?sweet crudes and...

A source familiar with this decision confirmed on Monday that the U.S. Treasury would extend its waiver of sanctions on Russian'seaborne oil', which expired 'on Saturday. Several countries had asked for a longer period to purchase it. Source: The waiver, which will last for another 30 days, was requested by several poor countries that were cut off from Gulf Oil supplies due to the Iran War and the closing of the "Strait of Hormuz". Source declined to identify the countries that requested the extension. This is the second time that the Treasury has let the sanctions waiver lapse, and then...

The CEO of Valterra Platinum in South Africa said that despite the uncertainty caused by the U.S./Israeli war against 'Iran', they were able to maintain healthy stock levels for critical operational inputs such as diesel, lubricants and other 'critical' items. It is essential that mines have a stable supply of lubricants, explosives and diesel. These disruptions, especially during geopolitical tensions which can disrupt global fuel supplies, can lead to operational delays and higher costs. Craig Miller said on the sidelines London Platinum Week that he had engaged with his local suppliers extensively to ensure they were supplying enough diesel, lubricants...

There is a cooking gas shortage in India. Californian motorists pay $6 per gallon for gasoline. Both are symptoms of the biggest ever disruption in energy supply. The two are directly related and show the impact of the U.S./Israeli war on Iran. The near-closure of 'Strait of Hormuz by Iran has caused global oil trade to be in chaos, and cut importers off from?around a fifth of global oil supplies that crossed the waterway prior to the war. Oil buyers have been forced to burn down their stockpiles to deal with the global fuel shortage. The pain is being spread...

Oil prices rose more than 1% as a result of?President Donald Trump's statement that China wanted to buy oil from?the United?States. Also, concerns about ship attacks and securing?ships remained despite Iran claiming 30 vessels passed through the Strait of Hormuz. Brent crude oil futures climbed $1.17 or 1.11% to $106.89 a bar by 0252 GMT. U.S. West Texas intermediate futures rose by $1.10 or 1.09% to $102.27. Trump said in a Fox News interview that he would be less patient with Iran and urged Tehran to make a deal with Washington. On Thursday, a ship reported to be seized by...