Oil Market - Oil prices have declined for five consecutive sessions, with Brent crude falling 0.63% to $66.15 per barrel and WTI down 0.58% to $61.92 per barrel, resulting in a total loss of approximately 4% over the past five sessions [2][3] - The primary driver of this decline is a preliminary agreement between Iraq's federal government and the Kurdish regional government to restart crude exports via Turkey, allowing for the flow of approximately 230,000 barrels per day, which had been suspended since March 2023 [3] Cryptocurrency Market - South Korean cryptocurrency exchange Bithumb has partnered with World Liberty Financial (WLFI), a DeFi project linked to the Trump family, to enhance DeFi expansion and bolster global investor confidence [4][5] - WLFI's governance token and stablecoin, USD1, have been listed on major Korean exchanges, although the WLFI token experienced volatility, plunging about 20% shortly after its listing [5] Raspberry Pi Holdings - Raspberry Pi Holdings plc reported a 61% increase in revenue to $144.0 million for the six months ended June 30, 2024, indicating a recovery from previous supply constraints [6][7] - Adjusted EBITDA rose by 55% to $20.9 million, with gross profit increasing by 47% to $34.2 million, while adjusted EPS grew by 27% to 5.84 cents [6][7] Phillips 66 - UBS has adjusted its price target for Phillips 66 from $173 to $150 while maintaining a "Buy" rating, following the company's acquisition of the remaining 50% stake in WRB Refining LP for $1.4 billion [9][10] - This acquisition is expected to enhance Phillips 66's refining capacity by approximately 250,000 barrels per day, with analysts anticipating higher profits from the newly acquired assets in 2026 compared to 2025 [10] UK Payment Regulation - The UK Financial Conduct Authority (FCA) has responded positively to a government plan aimed at streamlining payment systems regulation, which includes consolidating the responsibilities of the Payment Systems Regulator within the FCA [11][12] - This initiative is designed to reduce regulatory burdens and improve the FCA's ability to safeguard customer funds and intervene in underperforming firms [12]

Core Viewpoint - Exxon Mobil Corp has commenced production at new facilities within its Singapore oil refinery complex, focusing on the production of base stocks from residue fuel [1] Company Summary - Exxon Mobil Corp has initiated operations at its newly established facilities in Singapore [1] - The new facilities are designed to convert residue fuel into base stocks, which are essential for various industrial applications [1] Industry Summary - The production of base stocks from residue fuel indicates a strategic move within the oil refining industry to enhance product offerings and meet market demands [1] - This development may reflect broader trends in the industry towards optimizing refinery outputs and improving efficiency [1]

By Florence Tan and Anmol Choubey (Reuters) -Exxon Mobil Corp has started production at new facilities at its Singapore oil refinery complex to produce base stocks from residue fuel, it said on Tuesday, boosting the plant's intake of high-sulphur crude. The technology combines processes to convert fuel oil and other bottom-of-the-barrel crude products into higher-value lube base stocks and distillates, Exxon said in a statement. The new facilities expand its Group-II base stocks production capacity by 2 ...

Supply and Demand - Indian refiners plan to continue purchasing Russian crude oil [1] - Domestic fuel demand in India is increasing following the monsoon season [1] Geopolitics and Trade - India and the United States are resuming trade negotiations [1] - Both India and the United States are pushing for a trade deal [1]

Group 1 - Japanese oil refiners are advised to diversify their supply sources as 95% of crude imports currently come from the Middle East [1] - The head of the Petroleum Association of Japan (PAJ) highlighted the challenges of importing Canadian oil due to its heavy characteristics [4] - Alberta's government is exploring a financial investment in Japan's refining sector to reduce its dependence on the United States for oil exports [2][3] Group 2 - Alberta is in early discussions with Japanese refiners for a joint venture to fund the construction of a coker unit for processing heavy crude from Alberta's oil sands [3] - The president of PAJ expressed skepticism about investing in new facilities due to a 2% annual decline in domestic oil demand [4] - The decision to diversify and invest ultimately rests with individual Japanese companies [4]

Group 1 - Global commodities traders Vitol and Glencore are expected to make formal bids for Chevron's 50% stake in Singapore's second-largest refinery [1]

Group 1 - Oil prices remained stable in early trading on Tuesday following an increase in the previous session [1] - Market participants are considering potential supply disruptions from Russia due to Ukrainian drone attacks [1]

Core Viewpoint - Nayara Energy, part-owned by Russian oil major Rosneft, is seeking government assistance to facilitate trade payments and secure transportation for its products after being sanctioned by the European Union, which has led to significant operational challenges [5][6][7]. Group 1: Government Involvement - Senior executives from UCO Bank, a mid-sized state-owned lender, met with finance ministry officials to discuss leading the execution of payments for Nayara [1][7]. - Nayara approached government officials for help in establishing a relationship with a domestic lender to support wire payments for crude oil imports and refined fuel product exports [2][7]. Group 2: Operational Challenges - Following EU sanctions in July, Nayara has been forced to seek advance payments or letters of credit before fuel shipments are loaded, resulting in reduced operational run rates [5][7]. - Domestic shipowners have ceased working with Nayara, prompting the company to seek government assistance in securing vessels for local transportation [5][7]. Group 3: Market Position - Rosneft owns just over 49% of Nayara, which is responsible for nearly 8% of India's refining capacity and 7% of its retail-fuel network [6][7]. - Large financial institutions in India are exercising extreme caution in dealing with Nayara due to the potential repercussions of Western sanctions [6][7].

Group 1 - The sale hearing for Citgo Petroleum's parent company is a critical event in a long-standing legal battle involving multiple creditors and bidders [1][2][4] - The Delaware court is currently evaluating bids, with a focus on a $5.9 billion offer from Amber Energy, which has faced objections from various parties [6][7] - ConocoPhillips, the largest creditor with over $11 billion in claims, has been involved in litigation since its assets were expropriated in 2007 [4] Group 2 - The hearing is expected to last four days, during which testimonies from involved parties and experts will be presented [1] - A previous recommendation favored Gold Reserve, but the situation changed due to a last-minute bidding war [6] - The outcome of the hearing will test the viability of the Amber bid against procedural and geopolitical challenges [8]

Geopolitical Risk & Industry Impact - Ukraine's military intelligence unit targeted Bashneft PJSC Novoil oil refinery in Ufa, Bashkortostan [1] - The strike on the oil refinery highlights escalating geopolitical risks impacting the energy sector [1] Company Operations - Bashneft PJSC Novoil oil refinery in Ufa, Bashkortostan was struck on Saturday [1]