Palm oil hits a two-week low due to weaker Dalian crude oil and Mideast uncertainty
Malaysian palm futures fell to their lowest level in two weeks Wednesday. This was due to lower crude oil prices, a decline in Dalian oil, and uncertainty over the prospects of de-escalation of the Middle East conflict. The benchmark contract for palm oil delivery in June on the Bursa Derivatives exchange fell 41 ringgit or 0.9% to 4,496 Ringgit ($1,134.78). Paramalingam Supramaniam of Selangor brokerage Pelindung…
Palm oil falls more than 1% due to weaker competitor oils and geopolitical tensions
After a long Eid holiday, Malaysian palm oils futures ended more than 1% lower on Tuesday. Weaker edible 'oils from rival countries weighed heavily on the market. The 'Middle East war also kept traders on edge. At the close, the benchmark palm oil contract on Bursa Malaysia's Derivatives exchange for June delivery fell 72 ringgit or 1.56% to 4,539 Ringgit ($1,148.24). A Kuala Lumpur based trader stated that price movements in the?Dalian Palm olein? and Chicago soybean oil?
Gazprom claims that TurkStream pumping stations and other facilities were attacked
Gazprom reported Wednesday aerial attacks against its southern Russian facilities, including the Russkaya Pumping Station that exports natural gases via the 'TurkStream' subsea gas pipeline to Europe. However, the company added that the attacks were all foiled. The facilities, 'linked to the TurkStream or Blue Stream pipelines', were attacked 12 times in the last two weeks. In an attempt to reduce Russia's military capability…
From July, Ukraine's motor gasoline will contain at least 7 percent bioethanol
A law passed on Wednesday requires that Ukrainian motor fuel?contain at least 7% bioethanol by July. This is an increase from the 5% that manufacturers have been required to add since May 2025. The Ukrainian parliament adopted a new law in the winter of this year to align?the country’s legislation with EU regulations. The new'requirements' do not apply for fuel provided to the Ukrainian army or some high-octane gasoline. Up until July 1, the law allows for the sale of petrol without bioethanol.
Asian Oil Refineries, Petrochemicals Cut Runs as MidEast Conflict Escalates
Several Asian refineries and petrochemical companies were forced to cut runs and declare force majeure as the U.S.-Israel war on Iran disrupted crude and feedstock exports from the Middle East.Asian steam crackers, which source more than 60% of their naphtha feedstock from the Middle East, have been quick to declare force majeure on petrochemical supplies to customers.Three operators told Reuters they are curtailing…
Russian LNG Tanker Sinks in Mediterranean
A Russian tanker carrying liquefied natural gas (LNG) sank in the Mediterranean on Wednesday after what Moscow described as an attack by Ukrainian drones launched from Libya.The Arctic Metagaz sank in waters between Libya and Malta after catching fire a day earlier, Libya's maritime rescue agency said in an advisory seen by Reuters."Information indicates that the tanker experienced sudden explosions followed by a massive fire, which ultimately led to its complete sinking," the agency said.Ukraine has frequentl
Russia accuses Ukrainian drones of attack on LNG Ship in Mediterranean
The Russian transport ministry accused Ukrainian drones on Wednesday of attacking the Arctic Metagaz, a Russian LNG carrier that caught fire in a Mediterranean sea?a day before. It would be the first attack on a Russian LNG ship by Ukraine if confirmed. The Security Service in Ukraine did not reply to a comment request. Ukraine has repeatedly targeted Russian oil refineries and energy infrastructure to 'deprive'?Russia of funding. The Russian transport ministry confirmed that all 30 crew members were safe.
Sources say that Trump EPA will shift at least half the waived biofuel obligation to big refiners
According to sources familiar with discussions, the Trump administration has agreed on a plan requiring 'big oil refineries' to cover?at least half the obligations for blending biofuels that were waived over the past few years under the Small Refinery Exemption Program. This decision may not be welcomed by larger oil refineries who have claimed that higher blending requirements would increase their costs. It could benefit the biofuels industry by increasing demand for blending credit.
Sources say that Trump EPA will shift at least half the waived biofuel obligation to big refiners
According to sources familiar with discussions, the Trump administration has settled on a plan requiring big oil refineries?to make up at least half?of?the biofuel blend volumes obligations that were waived in recent years under the Small Refinery Exemption Program. This decision may not be welcomed by larger oil refiners who have claimed that additional blending requirements would increase their costs. It could benefit the biofuels industry by increasing demand for blending credit.
In February, Russia's oil revenues and gas revenues are expected to have halved y/y.
Calculations showed that the Russian state's?oil?and?gas revenue in February 2025 will be almost half as much at 410 billion roubles (5.35 billion dollars) due to a stronger currency and lower oil price. The Kremlin's main source of revenue is oil and gas revenues, which account for more than a quarter of the federal budget. However, this amount has been drained since Russia started its military campaign against Ukraine in February 2022.
Gunvor Management Buyout Values Trading Group at Around $5 Billion, Sources Say
According to two sources, and a calculation made based on the financing of the deal via a loan given to employees, a management buyout has valued Gunvor at around $5 billion. Two sources familiar with the deal said that Gunvor's founder Torbjorn Tornqvist provided a loan to employees of more than 4 billion dollars for the buyout. According to the calculations of the two sources, the loan values Gunvor at $5 billion based on Tornqvist’s 86% stake.
Hungary, Slovakia Turn to Croatia to Secure Russian Oil
Hungary and Slovakia have asked Croatia to help them secure Russian oil and Hungarian company MOL initiated the release of strategic crude reserves after disruption to flows via Ukraine that the two countries have blamed on Kyiv.Kyiv's foreign ministry last week said a Russian attack on a Ukrainian pipeline was responsible for the halt in flows to Eastern Europe since January 27.Ukrainian Foreign Minister Andrii…
Shipping data shows that Indian diesel exports to West Africa have increased as a result of the EU's ban on Russian crude-derived fuel.
Shipping data from Kpler & Vortexa revealed that India stopped exporting Diesel to the European Union in this month because of the EU's 'ban' on fuels derived from Russian crude. Turkey's exports of diesel to the EU have slowed down over the past few months. These developments show that the EU's policy to punish Russia for its full-scale invasion in Ukraine 2022 is causing a reordering of oil flows between continents.
Indian Diesel Exports to West Africa Jump as EU Bans Russian Derived Fuel
India stopped exporting diesel to the European Union this month due to the European Union's ban on fuel derived from Russian crude and instead sent a record amount to West Africa, shipping data from Kpler and Vortexa showed, while Turkey's diesel exports to the EU slowed in recent months.The developments highlight that the EU policy, aimed at punishing Russia over its 2022 full-scale invasion of Ukraine, is prompting a further reordering of intercontinental oil flows…
Bousso: The geopolitical premium of oil in the ROI vanished by 2025 and is unlikely to return.
In 2025, the global oil markets were faced with multiple black swans events - such as the Israel-Iran War and Ukrainian attacks on Russian refiners. Yet they were barely affected. In an era when energy is abundant, this calm could be the new norm. The year 2025, by any measure, was chaotic in geopolitics, with President Donald Trump's return to his White House and his flurry of trade, diplomatic and policy initiatives dominating the year.
Bousso: The geopolitical premium of oil in the ROI vanished by 2025 and is unlikely to return.
In 2025, the global oil markets were faced with multiple black swans events - such as the Israel-Iran War and Ukrainian attacks on Russian refineries - but they were not fazed. In an age of abundant energy, this calm could be the new norm. The year 2025 will be remembered as a geopolitical chaos, due to President Donald Trump's return in January, and his frenzy of trade, policy and diplomatic initiatives. On June 12, Israel bombed Iranian military, government, and nuclear sites.
Russia expects oil refining in 2025 to be flat with 2024
The Russian energy ministry announced on Thursday that the country's oil refinery, coal and gas?production?will remain largely unchanged in 2025, compared with 2024, despite repeated Ukrainian drone attacks against energy facilities. Russia is the third largest oil producer in the world, after Saudi Arabia and the United States. It also holds the largest known reserves of natural gas. Since August, Ukraine has resumed drone strikes deep within Russia.
China's daily oil refineries processing rate reaches two-year high
China's crude throughput rose 6.8% in September compared to a year ago, according to official data released on Monday. The country's refineries also increased their utilization rates. According to the National Bureau of Statistics (NBS), the world's second largest oil consumer processed approximately 15.26 million barrels of crude per day in September. According to records, the daily processing rate has been at its highest level since September 2023.
US, UK Ramp Up Pressure on India to Stop Russian Oil Imports
Western powers have ramped up pressure on Russia's oil sales amid its war with Ukraine as U.S. President Donald Trump said India would stop buying and Britain imposed sanctions on top Russian oil firms.Ukrainian President Volodymyr Zelenskiy is schedule to meet Trump in Washington on Friday to push for military and energy support at a time when Kyiv and Moscow are escalating the war with attacks on energy infrastructure.Indian officials are also in Washington for trade talks, with the U.S.
Kyiv reports that a Russian drone and missile barrage has hit Ukraine's gas installations.
Volodymyr Zelenskiy, the president of Ukraine, said that Russia had launched an overnight attack on Ukraine targeting infrastructure with more than 300 drones. He said that the attack was on targets in central Vinnytsia, Poltava, and the northeastern regions of Sumy, Kharkiv, and Kharkiv. As the war enters its fourth year, Russia continues to attack Ukraine's power and energy facilities. Initially, it targeted electricity infrastructure but has this year increased its focus on gas infrastructure.