Refined Products Archives -

Global refiners are cutting out oil traders to buy Venezuelan crude directly

July 23, 2026

(Oil Price) – Commodity traders are having the rug pulled out from under one of their biggest paydays yet as refiners start bypassing oil and traders and buying Venezuelan crude directly, according to Reuters. Refiners and major oil-producing firms are rapidly gaining market share in Venezuelan crude by locking in direct supply contracts with state-run Petróleos de Venezuela, S.A. (PDVSA), bypassing the global middlemen

Who owns America’s refining advantage?

July 21, 2026

(By Oil & Gas 360) – For decades, the United States measured energy security by asking whether America could produce enough oil. The shale revolution largely answered that question. The United States became the world’s largest producer of crude oil and natural gas, reducing import dependence and reshaping global energy markets. But production is only one part of the system. Crude

Refiners elbow traders to take a larger slice of Venezuela’s oil

July 21, 2026

(BOE Report) – Refiners and oil-producing firms in the U.S. and elsewhere are gaining market share in Venezuela’s crude as they sign direct contracts with state-run PDVSA, challenging the global traders that inked earlier deals with the government of interim President Delcy Rodriguez. Trading houses Vitol and Trafigura currently control the lion’s share of Venezuela’s oil exports through agreements signed

U.S. airlines set to pocket $40 billion as jet fuel prices crash

June 22, 2026

( Oil Price) – U.S. airlines stand to save billions in dollars on jet fuel costs after the US-Iran peace deal sent oil prices sharply lower. Brent crude was trading at $79.22 per barrel at 6.05 am ET on Monday, nearly $20/bbl lower after Washington and Tehran agreed to a ceasefire and committed to 60 days of negotiations, while jet fuel spot prices

CAFE standards: Market discipline, behavioral reality, and the persistence of imperfect policy

June 8, 2026

(Oil & Gas 360) By Greg Barnett, MBA – The Corporate Average Fuel Economy, or CAFE, standards were enacted in 1975 in response to a clear and immediate problem: the United States had built an automotive system optimized for size and power at precisely the moment energy security became a national vulnerability. Average passenger vehicles delivered barely 13 miles per

Energy scarcity is not a trade; it’s a condition

June 1, 2026

(Oil & Gas 360) By Greg Barnett, MBA – The global energy conversation is stuck in a loop. Prices rise, pundits shout “demand destruction,” politicians promise relief, and models dutifully predict reversion. Then reality fails to cooperate. Again. What’s being missed is simple but uncomfortable: much of what looks like volatility today is actually structure asserting itself. Oil, refined products,

Rising jet fuel and ticket prices could disrupt summer air travel

May 13, 2026

(Oil Price) – Summer travel could be disrupted for millions of airline passengers as airlines pass on higher jet fuel prices onto air fares and cancel unprofitable routes, according to the global association Airports Council International. The surge in jet fuel prices as a result of the Middle East crisis leads to higher air fares. Passengers should be prepared

Phillips 66 beats Q1 estimates by $0.88 per share as refining margins surge

April 29, 2026

(Oil Price) – In an earnings season highlighted by a Middle East conflict that has sent oil prices soaring, Texas oil refiner Phillips 66 (NYSE:PSX) has reported first quarter adjusted earnings of $0.49 per share, easily beating Wall Street’s consensus of a loss of $0.39 while net income came in at $207 million thanks to higher refining margins amid the big oil price rally. The

West Coast energy squeeze: Refinery closures meet global risk

April 28, 2026

(By Oil & Gas 360) – California’s energy system is heading toward a tighter balance, and it’s happening at the same time global supply risks are rising. Refinery closures across the state are steadily reducing in-state capacity. Over the past several years, California has lost meaningful refining throughput as facilities have shut down, converted to renewable fuels, or scaled

China’s oil giants begin selling crude as refinery cuts deepen

April 22, 2026

(Oil Price) – The trading arms of some of China’s biggest state-owned oil giants have started selling crude for May loadings in a rare move from the majors that have cut refinery rates in response to soaring oil prices and constrained crude supply from the Middle East. Sinopec, the world’s biggest refiner by capacity, and Sinochem Group have already sold

Aramco, TotalEnergies assess damage at SATORP refinery after overnight incident

April 10, 2026

(World Oil) – TotalEnergies reported damage at the SATORP refinery in Saudi Arabia following overnight incidents linked to the ongoing Middle East conflict, resulting in the shutdown of one of the site’s two processing trains. The SATORP facility, a joint venture majority-owned by Saudi Aramco (62.5%) with TotalEnergies holding 37.5%, was impacted during the night of April 7–8. No casualties were

Crude oil and petroleum product prices increased sharply in the first quarter of 2026

April 7, 2026

(EIA) – Crude oil and petroleum product prices increased significantly in the first quarter of 2026 (1Q26), particularly following military action in the Middle East on February 28 and the subsequent de facto closure of the Strait of Hormuz. In this quarterly update, we review petroleum markets price developments in 1Q26, covering crude oil prices, petroleum product prices, and refinery

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