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05.08.26 - 18:15
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Middle East War Triggers New Global Refining Boom (ZeroHedge)
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Middle East War Triggers New Global Refining Boom
Submitted By Tsvetana Paraskova of OilPrice.com
For the second time this decade, a war has upended global oil markets and sent oil prices and refining margins to multi-year highs, benefiting the world's biggest oil companies and top refiners.
The war in Iran has tightened fuel supply as crude oil has struggled to move through the Strait of Hormuz, triggering reduced refining throughput in Asia and a temporary Chinese ban on exports. The fuel markets tightened even more than the crude market to send refining margins to record highs.
And the biggest refiners benefited from the new refining boom, with Big Oil reporting their highest second-quarter earnings since the previous outbreak of a war, the Russian invasion of Ukraine in 2022. The bumper earnings were driven not only by the jump in oil prices between April and June—the contribution of the refining and trading divisions was also fundamental for fueling the high profits.
Record Refining Ma...
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04.08.26 - 08:42
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Oil profits spike as Middle East war fuels energy prices and Trump blasts soaring earnings – business live (The Guardian)
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Rolling coverage of the latest economic and financial newsProfits are surging at oil companies on the back of the spike in energy prices triggered by the war in the Middle East.BP is the latest to reveal its windfall earnings today: its second-quarter profit more than doubled in the second quarter of this year to $5.73bn compared with the same period a year argo, beating analyst expectations.They're making too much money based on a shortage. I don't like it.Chevron, too much money. ExxonMobil, too much money,. They're going to give some of that back to the public and they better cut the retail price, the consumer price.”7am BST: Flutter interim results, BP Q2, HSBC Q2, Metro Bank Q210am BST: Eurozone unemployment data9pm BST: SpaceX Q2 first earnings report since its record-breaking IPO Continue reading......
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