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On March 11, local time, the Iranian Islamic Revolutionary Guard Corps issued a statement confirming the deaths of several Iranian military personnel in the US-Israeli attacks. These included Mohammad Shirazi, director of the Supreme Leaders military office; Akbar Ibrahimzadeh, deputy director of the General Staffs office; Saleh al-Asadi, deputy chief of intelligence of the General Staff of the Armed Forces; Bahram Hosseini Motalek, director of the Planning and Operations Bureau of the General Staff of the Armed Forces; Mohammad DArebaj, deputy minister of logistics and support of the Armed Forces; and Gholamreza Rezaian, director of the intelligence bureau of the Iranian police force.On March 11th, Peter Cardillo, chief market economist at Spartan Capital Securities in New York, commented on the US CPI data, stating that in a sense, this is good news because we havent seen inflation accelerate. In fact, year-on-year, the 2.4% level isnt far from the Feds 2% target. Therefore, I think this represents some easing. Of course, these figures still depend on the progress of the war. If the war continues for a long time, and oil prices remain at current levels or rise further, then we may see higher inflation in the coming months.Federal Reserve Governor Bowman will speak on regulatory issues in ten minutes.The Swiss government announced that the ambassador and five Swiss staff members left Iran by land today and have safely arrived outside of Iran.On March 11, it was reported that the well-known law firm Yingke Law Firm was embroiled in rumors of its founders financial troubles. The rumors pointed to Mei Xiangrong, the firms Party Secretary, Director, and Global Board Chairman, alleging a huge deficit due to irregularities in financing and guarantees. On March 11, a reporter contacted relevant staff at Yingkes Beijing branch, who stated that there was currently no accurate information regarding the rumors and that a unified statement would be issued later.

European Refiners Benefit From Emergency Release of U.S. Oil Stocks

Haiden Holmes

May 13, 2022 09:57

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According to U.S. Customs data, ship tracking, and an industry source, at least three vessels carrying crude oil from U.S. emergency stocks set sail for Europe in April as European refiners rushed to replace Russian crude supplies.


Since Russia's invasion of Ukraine, releases from the Strategic Petroleum Reserve (SPR) have been made to combat supply shortages and halt fuel price increases. A release in the fall of 2017 was largely intended to reduce growing gasoline costs in the U.S.


The Biden administration added 180 million barrels to two smaller leaks from caves along the U.S. Gulf Coast since November. The United States has not banned exports of SPR oil, and analysts expect exports will increase.


Despite the releases, retail gasoline and diesel prices in the United States, averaging $4.40 and $5.55 per gallon, respectively, have stayed at record highs. Fuel demand is so strong According to expert predictions, the average quarterly profit per share for U.S. refiners is expected to be four times that of the first quarter.


Phillips 66 (NYSE:PSX) carried approximately 600,000 barrels of crude from the Bryan Mound cavern in Texas onto the ship Sea Holly last month. It is on route to Trieste, Italy, according to U.S. customs data and Refinitiv Eikon. A pipeline in Trieste transports crude oil to refineries in central Europe.


Last month, Atlantic Trading & Marketing (ATMI), a subsidiary of the French oil giant TotalEnergies, shipped little more than 1 million barrels of SPR crude to Rotterdam.


In April, approximately 2.25 million barrels of SPR were transferred on three vessels to Italy and the Netherlands, according to Matt Smith, lead oil analyst for the Americas at data provider Kpler.


According to government filings, ATMI has obtained at least 3.5 million barrels from the SPR, while Phillips has secured as least 10 million barrels. Exxon Mobil (NYSE:XOM), Chevron (NYSE:CVX), Marathon Petroleum (NYSE:MPC), and Valero Energy are additional firms that purchase SPR oil (NYSE:VLO).


Phillips 66 refuses to comment on business transactions. The ATMI did not react quickly to a request for comment.


With the ongoing release of SPR over the next few months, "exports can be anticipated," Kpler's Smith said.

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