Industry Operations - The UK's Lindsey oil refinery has not yet resumed fuel delivery to wholesalers [1]

Company Operations - BP will keep running a crude-processing unit at its Gelsenkirchen refinery [1] Market Factors - Market conditions contribute to the plant's profitability [1]

China’s oil refiners are facing yet another hit to their bottom line, with an oversupply of aviation fuel adding to the woes of a sector already grappling with ebbing demand for gasoline and diesel https://t.co/7dKefS0l0u ...

Key Points Summary Industry Overview - The focus is on the refined products market, particularly gasoline and naphtha, with insights into seasonal price trends and supply-demand dynamics in the context of the summer season [1][2][3][6][12]. Core Insights and Arguments - **Supply-Demand Balance**: The clean products supply-demand balance remains tight, with production incentives favoring middle distillates when crude oil supply constraints are eased. The market's ability to withstand supply disruptions or unexpected demand is currently insufficient [2][3]. - **Seasonal Performance**: Historically, the RBOB crack spread has shown strong seasonal performance, with 7 out of the last 10 Julys experiencing price increases, averaging $2 per barrel. The maximum increase recorded was $8.1 per barrel, while the largest decrease was $3.2 per barrel [3][6]. - **Production Constraints**: Current production levels are at the lower end of the range compared to the past decade, primarily due to crude oil supply restrictions. Despite the easing of production cuts, OPEC+ heavy sour crude exports have not rebounded, impacting distillate production [3][12]. - **Hurricane Season Risks**: The hurricane season poses significant risks to supply, particularly in the Gulf Coast, where approximately 50% of U.S. refining capacity is located. Disruptions could lead to a temporary loss of refining capacity ranging from 500,000 to 2.5 million barrels per day [3][12]. - **Regional Performance Disparities**: There are notable differences in performance between Eastern and Western products, with Eastern products generally underperforming. The average return for European gasoline over the past decade has been particularly strong, with 8 out of 10 years showing positive returns [13][14]. Additional Important Insights - **Crack Spreads and Returns**: The average return for various products in July has been positive, with naphtha and gasoline showing particularly strong performance. The average return for European gasoline was $8.3 per ton, indicating attractive risk-reward dynamics [7][13]. - **Market Sentiment**: The market sentiment is cautious due to geopolitical risks and the potential for supply disruptions, which could further tighten the supply of gasoline and distillates [2][12]. - **Future Outlook**: The outlook for refined products remains optimistic, with expectations of increased middle distillate production if crude oil supply improves. However, the market remains sensitive to external shocks, particularly during the hurricane season [2][3][12]. Conclusion - The refined products market is characterized by tight supply-demand dynamics, strong seasonal performance, and significant risks associated with external factors such as hurricanes and geopolitical tensions. The potential for increased production exists, but market participants should remain vigilant regarding supply disruptions and regional performance disparities.

American refiners are relying on oil supplies from the country’s biggest shale basins more than ever as flows of denser varieties from places like Mexico ebb https://t.co/amiPQYDH7H ...

Core Points - PBF Energy Inc. will release its earnings results for the second quarter of 2025 on July 31, 2025 [1] - A conference call and webcast will be held on the same day at 8:30 a.m. ET to discuss the results and other business matters [1][2] Company Overview - PBF Energy Inc. is one of the largest independent refiners in North America, operating oil refineries and related facilities in California, Delaware, Louisiana, New Jersey, and Ohio [3] - The company's mission includes operating facilities safely and responsibly, providing a rewarding workplace for employees, positively influencing local communities, and delivering superior returns to investors [3] - PBF Energy is a 50% partner in the St. Bernard Renewables joint venture, which focuses on producing next-generation sustainable fuels [4]

The second quarter is set up for a meaningful rebound in earnings for Valero Energy (NYSE: VLO ). The company’s industry leading cost profile gives VLO a leading edge in returning cash to shareholdersI am a Licensed Professional Engineer who works in the Nuclear Power industry. I use my professional working knowledge of the power/energy industries to aid in evaluating potential equities worthy of long-term investment. I invest in income producing equities and rental real estate properties for cash flow and ...

1. Report Industry Investment Rating - Not provided in the content 2. Core Viewpoints of the Report - High - sulfur fuel oil spot window trading volume decreased compared to last week but remained active. High inventories in Singapore pressured the spot premium to decline slightly, while high - sulfur cracking was supported by geopolitical factors and peak - season power generation demand. Low - sulfur fuel oil spot premium fluctuated, with supply continuously increasing and downstream demand remaining weak. The recommended strategy is to stay on the sidelines for single - sided trading, pay attention to geopolitical and macro - level disturbances, and consider going long on the FU9 - 1 calendar spread when the price is low [3][4] 3. Summary by Directory 3.1 Comprehensive Analysis and Trading Strategies 3.1.1 Comprehensive Analysis - High - sulfur fuel oil: Spot window trading volume decreased week - on - week but remained active. High inventories in Singapore pressured the spot premium to decline slightly. Geopolitical factors and peak - season power generation demand supported high - sulfur cracking. Supply was affected by the Russia - Ukraine conflict and the intensification of the US - Iran - Israel conflict, while demand was supported by seasonal power generation needs in regions like Egypt and Saudi Arabia. - Low - sulfur fuel oil: Spot premium fluctuated. Supply continued to increase, and downstream demand was weak. Supply sources included Nigeria, South Sudan, and Al - Zour refinery, and the Chinese market had sufficient supply and stable demand [3] 3.1.2 Strategies - Single - sided: Stay on the sidelines and pay attention to geopolitical and macro - level disturbances. - Arbitrage: Go long on the FU9 - 1 calendar spread when the price is low. - Options: No recommendation [4] 3.2 Core Logic Analysis 3.2.1 Supply - side Factors - Russia - Ukraine conflict: The conflict intensified, with attacks on energy facilities. EU sanctions were strengthened, and Russia's refinery offline capacity in June increased by 21% to 3.2 million tons. High - sulfur fuel oil exports in the week of June 12 were at a low level, 267,000 tons, a decrease of 100,000 tons from the previous week [6] - Mexico: High - sulfur supply returned to the level before the Olmeca refinery's operation. In June, high - sulfur exports were around the average level. In May, total high - sulfur exports were 730,000 tons, a decrease of 90,000 tons (- 11%) month - on - month and 290,000 tons (- 28%) year - on - year [9] - US - Iran - Israel conflict: The conflict intensified, affecting export supply. Middle - East high - sulfur exports decreased in May, and Iran's high - sulfur exports were at a low level [12] 3.2.2 Demand - side Factors - High - sulfur power generation demand peak season: Egypt's summer power generation demand was supported by fuel oil imports. South Asia's power generation demand peak was in the second - quarter summer. Middle - East high - sulfur power generation demand increased in advance [19] - China, India, and UAE: China's refinery procurement willingness decreased recently, while India's and UAE's feedstock demand increased [22] - High - sulfur marine fuel demand: Demand was stably supported, and the marginal increase came from the stable growth in the number of ships equipped with desulfurization towers [23] 3.2.3 Low - sulfur Fuel Oil - South Sudan: External raw material supply recovered, and export tenders continued [26] - Al - Zour refinery: Exports remained at a high level, and supply to the pan - Singapore area increased month - on - month [27] - Nigeria: Near - term low - sulfur supply was abundant, all directed towards Singapore [30] - China: The domestic low - sulfur market had stable production, and the planned production in June was expected to increase [36] 3.3 Weekly Data Tracking 3.3.1 Price and Spread Data - Fuel oil spot prices, high - sulfur fuel oil cross - region and cross - period spreads, low - sulfur fuel oil cross - region and cross - variety spreads, natural gas - fuel oil price ratios, cross - region freight rates, and Singapore bunkering spreads were presented in graphical forms [41][47][53] 3.3.2 Inventory Data - Singapore's on - shore fuel oil inventory increased by 5.0% week - on - week to 3.734 million tons. ARA region's fuel oil inventory decreased by 0.9% week - on - week, diesel inventory increased by 0.9%, and gasoline inventory decreased by 5.7%. US Gulf fuel oil inventory decreased by 11.5% week - on - week. Middle - East fuel oil inventory increased by 21.0% week - on - week. Japan's total fuel oil inventory decreased by 2.2% week - on - week [67] 3.3.3 Terminal Sales Data - In May, Singapore's marine fuel sales volume was 4.878 million tons, a month - on - month increase of 474,000 tons (+ 10.8%) and a year - on - year increase of 51,000 tons (+ 1.1%). High - sulfur marine fuel sales volume was 1.934 million tons, a month - on - month increase of 200,000 tons (+ 11.6%) and a year - on - year increase of 191,000 tons (+ 10.9%), accounting for 39.6% of total marine fuel sales. Low - sulfur marine fuel sales volume was 2.551 million tons, a month - on - month increase of 10.3% and a year - on - year decrease of 5.1% [74]

Investment Rating - The report assigns a "Buy" rating for Thai Oil with a 12-month price target of Bt32.00, while the current price is Bt30.00 [5][26]. Core Insights - Thai Oil is focused on maintaining the budget and timeline for its Clean Fuel Project (CFP), with an investment budget of US$1.8 billion and a completion target by Q328 [2]. - The company is actively communicating with credit rating agencies to address concerns regarding the execution of the CFP, debt management, and support from its parent company, PTT [3]. - The capital expenditure (CAPEX) from 2025 to 2029 will primarily be allocated to the CFP, with expected cash flows from operations between US$1.2 billion to US$1.7 billion [4]. Financial Metrics - Revenue projections show a decline from Bt529.6 billion in 2022 to an estimated Bt372.9 billion in 2025, followed by a gradual increase to Bt588.3 billion by 2029 [8]. - The estimated diluted EPS for 2025 is Bt4.81, with a slight decrease to Bt4.65 in 2026, and a recovery to Bt4.78 in 2027 [6]. - The net debt to EBITDA ratio is projected to be 5.8x for 2025, indicating a high level of leverage [5]. Market Performance - The average daily trading volume is approximately 23.6 million shares, with a market capitalization of Bt67.0 billion (US$2.05 billion) [5]. - The forecasted stock return is 10.7%, combining a price appreciation of 6.7% and a dividend yield of 4.0% [9]. Company Overview - Thai Oil operates a refinery with a capacity of 275,000 barrels per day, accounting for 25% of Thailand's total refining capacity, and has a high upgrading capacity-to-refining capacity ratio of 56% [10].

Core Insights - Sky Quarry Inc. has announced a strategic roadmap for its subsidiary, Foreland Refining Corporation, aiming to scale operations to a production rate of up to 800,000 barrels annually through targeted investments and steady operations [1][2][3] Production Capacity and Milestones - Foreland is currently operating at a capacity of up to 3,600 barrels per day, with plans to reach production milestones of 45,000, 60,000, 80,000, and 100,000 barrels per month, particularly during high seasonal demand [3] - The roadmap anticipates reaching an annualized peak production rate of 800,000 barrels, with actual output expected to vary seasonally [3] Strategic Growth Plan - The strategic growth plan includes proactive maintenance, risk management, infrastructure upgrades, and crude supply contracts to ensure safe and uninterrupted operations [5] - Key components of the plan focus on operational efficiency, workforce expansion, stronger supply and customer relationships, and revenue growth potential [7] Sustainability and Community Impact - The refinery plans to expand its capabilities to include recycled heavy oil from waste materials, supporting Sky Quarry's mission for a sustainable energy future [6] - The company aims to contribute to improved waste management and resource efficiency while reducing environmental impact [8]