The US Treasury has asked Russia's sovereign wealth fund to help solve payment issues relating to a deal between presidents Donald Trump and Vladimir Putin on the sale of Russian diesel, Putin's investment envoy Kirill Dmitriev said on Friday. Dmitriev said the Treasury had requested the Russian Direct Investment Fund, which he heads, to "facilitate payments and solve tactical issues". The RDIF "will work to ensure that all payments are efficient and reach their intended recipients", he [Read more]
ExxonMobil signals $4.5 billion refining earnings boost as margins soar
ExxonMobil signaled on Friday that higher refining margins during the third quarter could boost its downstream profit by $4.5 billion compared with the previous three months. Refining margins have soared due to the ongoing Iran war, which has restricted energy exports through the Strait of Hormuz, as well as Ukrainian attacks on Russian refineries. The resulting higher fuel prices have created political risks for the administration of US President Donald Trump ahead of the midterm elections [Read more]
Oil heads for weekly gain with Mideast supply risks
Oil prices eased on Friday but were heading for weekly gains on the uncertainty over Middle East supplies and a larger-than-expected crude stocks draw in the United States. Brent crude futures fell 71 cents, or 0.67%, to $105.21 a barrel by 0352 GMT, while US West Texas Intermediate crude futures were down 77 cents, or 0.79%, to $97.20. WTI settled up more than 3% on Thursday after a big US crude stock draw on hurricane production shut-ins. For this week so far, Brent increased 0.44%, [Read more]
Discount on Western Canada Select widens again
The discount on Western Canada Select crude oil to North American benchmark West Texas Intermediate futures widened again on Thursday. WCS for November delivery in Hardisty, Alberta, settled at $26.40 a barrel below the US benchmark WTI, compared with $25.55 on Wednesday, according to brokerage CalRock. The discount is now more than $15 wider than it was at this time last year. * The widening reflects a combination of growing Venezuelan imports into the US Gulf Coast, refinery disruptions, [Read more]
US plan to ease shadow fleet sanctions unlikely to free up many tankers, analysts say
A potential Trump administration plan to ease sanctions on vessels that have transported sanctioned oil and fuel would likely have limited impact on boosting tanker availability, traders and analysts said on Thursday. Shadow fleet ships still face sanctions from other countries and lack the certification, insurance and maintenance needed to enter mainstream trade. The discussions are the latest in a string of ideas the Trump administration is considering to lower fuel prices and inflation. [Read more]
US crude stocks fall on hurricane production shut-ins; distillate inventories fall, EIA says
US crude stocks and distillate inventories fell while gasoline inventories rose last week, the Energy Information Administration said on Thursday. Crude inventories fell by 8.6 million barrels to 415.6 million barrels in the week ended October 9, the EIA said, compared with analysts' expectations in a Reuters poll for a 288,000-barrel draw. "This is definitely a hurricane report.... There was nobody bringing oil into the Gulf of Mexico, avoided that like the plague last week with the [Read more]
How are Yemen’s Houthis attacking Saudi Arabia so effectively?
Houthi militants who control northwestern Yemen have in the past week attacked Riyadh international airport and hit the headquarters of Saudi Aramco, the world's largest oil company, in air assaults that have laid bare Saudi Arabia's vulnerability to threats from its enemy next door. The attacks are shattering the illusion of Saudi Arabia as a safe international investment hub as it tries to attract foreign money and diversify away from oil. This nightmare scenario for a key US ally in the [Read more]
How Aramco learned to keep pumping oil under fire
When attack drones struck Saudi Aramco's biggest oil pipeline last month, satellite images showed one of its pumping stations burnt to ashes. By the next day, scores of bulldozers were already building a new pipeline. Within days pumping resumed. The speed of the recovery illustrates how the world's biggest oil producer has transformed its ability to operate under attack after years of assaults on energy infrastructure across the region. "Today, our teams can handle multiple incidents [Read more]
IEA to speed up oil stocks release including over 20 million barrels of diesel
The International Energy Agency on Thursday agreed to release over 20 million barrels of diesel to the market as soon as possible and any oil remaining from a record emergency reserves release pledged in March to help supply and cool soaring prices. US President Donald Trump has pressed European Union countries to draw down reserves or face a potential US diesel export ban as he seeks to lower prices ahead of November 3 midterm elections. Prices for diesel have surged to record highs in [Read more]
How the Houthis are helping Iran turn Saudi Arabia into a pressure point
The Houthi attacks on Saudi Arabia are about more than Yemen. By targeting infrastructure and disrupting investment events central to Saudi Arabia's economic ambitions, they aim to pressure Saudi Crown Prince Mohammed bin Salman to both meet Houthi demands in Yemen and persuade US President Donald Trump to ease the US blockade choking Iran's economy, according to Saudi, Iranian and regional sources. The campaign reflects a calculation by Iran and the Houthis that Saudi Arabia's prosperity, [Read more]
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