SAAFY News and Press, Saras Raffinerie Sarde SpA ADR From 04/07/22

Last week it was reported that Russia's largest midstream business planned to cap oil production volumes into its pipeline system. Thursday, it was reported that refineries are planning to cut runs, as a drop in European buying has led to overstocking. Reuters reported that the four larg...

Shortly following the war in Ukraine, Shell (SHEL) and BP (BP) told customers to expect reduced supplies of diesel fuel. Earlier this week, the heads of three commodity trading houses said that Europe would face fuel shortages this summer. And two announcements Thursday suggest shor...

In the face of spiking energy costs, politicians have taken measured steps to mitigate the impact of higher prices on consumers. Before the war in Ukraine, Italy provided $4.3b to reduce retail energy bills. Japan adopted emergency measures to ease wholesale gasoline prices, measures which ha...

Wells Fargo analyst Roger Read published a bullish note Wednesday, lifting refinery earnings estimates amidst resilient demand and skyrocketing margins. The analyst raised Marathon's (MPC) 2022 earnings estimates 37%, PBF's (PBF) 39%, and Valero's (VLO) 19%. The note cited tight inv...

During a presentation at the FT Commodities Summit in Switzerland, heads from Commodity trading houses Gunvor and Trafigura said Europe should expect "stock outs" of diesel fuel. Europe relies on Russian diesel imports for ~15% of supply, and recent self-sanctioning appears to be impacti...

Russia's war in Ukraine revealed several vulnerabilities in global energy markets. The diesel supply has not been a major focus in the press; however, self-sanctioning has reverberated through diesel commodity markets. Shortly following invasion, the price of diesel in Europe spiked to a $50+...

Self sanctioning reported by Energy Intelligence Thursday indicated that oil product exports from Russia had fallen by ~1mb/d (product plus crude exports fell ~2.5mb/d); oil prices rose, but oil product margins in Europe are spiking as well.  European oil refiners have struggled since th...

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