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Mexican export cuts and a rerouting of Canadian output are shrinking already limited supplies of heavy crude in the Atlantic basin, driving up refiners costs with a likely knock-on effect to... -May 03, 2024 at 02:00 am EDT - MarketScreener

By Robert Harvey and Arathy Somasekhar LONDON/HOUSTON (Reuters) - Mexican export cuts and a rerouting of Canadian output are shrinking already limited supplies of heavy crude in the Atlantic basin, driving up refiners' costs with a likely knock-on ...

Refiners Costs: "The combination of tighter heavy crude and fuel oil supplies, as well as the seasonal rise in power generation demand is expected to push up fuel oil cracks in the weeks ahead," said Vortexa analyst Xavier Tang, referring to the spread between the price of crude and the refined product.

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Disruptions to shipping in the Red Sea and via the Suez Canal are raising the prices of African and U.S. crude grades and expanding the backwardation in the global Brent crude benchmark

About 12 per cent of world shipping traffic transits the Red Sea route and 4-8 per cent of global LNG cargoes have passed through it in 2023

Two ships transporting oil or oil products from the U.S. Gulf Coast to India are rerouting from the Red Sea amid concerns of attacks by Yemens Houthi militants, as a U.S.-led coalition aims to safeguard vessels, as per vessel tracking data on Friday.

For two months, international oil and gas markets largely ignored the Israel-Hamas war as it wasn’t disrupting flows of crude oil and natural gas from the Middle East and the Mediterranean in any meaningful way. Oil prices and the European benchmark ...

The intensification of attacks in the Red Sea, particularly near the Bab el-Mandeb Strait, is causing major oil and shipping companies to reroute or suspend transits, potentially impacting global oil markets and supply chains.

We know that Iran was deeply involved in planning the operations against commercial vessels in the Red Sea, White House national security spokeswoman Adrienne Watson said Friday.