Ben Winkley

Exxon asked Westminster to provide a capital investment of $1bn over three to five years to upgrade the ageing facility, but the company offered “no guarantee” that such an outlay would prevent closure, one person briefed on the discussions said.

jfc

on.ft.com/4821yBE

Cop: Some 'reluctant' on shift from fossil fuels | Latest Market News Some countries are still "very reluctant" to accept including a roadmap to transition away from fossil fuels in the UN Cop 30 climate summit's final documents, the event presidency said.

But others have "very negatives" views on that

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Cop: 80 nations back roadmap on shift from fossil fuels | Latest Market News Around 80 countries are asking the UN Cop 30 climate summit's Brazilian presidency to put a roadmap to transition away from fossil fuels on the negotiating table, after an initial draft text released ...

80 countries are asking the UN Cop 30 climate summit's Brazilian presidency for a roadmap to transition away from fossil fuels

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Cop: Presidency tackles key issues in first draft text | Latest Market News The Brazilian presidency of the UN Cop 30 summit has released a first draft text focused on the controversial issues that were left out of the conference's main agenda. The text represents a significa...

First draft from #Cop30 - focus on controversial issues that were left out of the conference's main agenda, a significant step forward in negotiations, but multiple options offered for main sticking points suggesting consensus is still lacking.

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Ve cut off your johnson

Majors could get $600mn 4Q profit boost as margins jump | Latest Market News Current earnings estimates fail to take into account up to $600mn in additional refining profits across BP, Shell and TotalEnergies for the fourth quarter of this year thanks to continuing strong mome...

Euromajors about to enjoy a refining windfall

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Cop: Ministers left with mountain of work at Cop 30 | Latest Market News Ministers gathering for the second week of the UN Cop 30 climate summit are tasked with piecing together informal negotiations, including on a potential roadmap on transitioning away from fossil fuels...

#Cop30 half time report. Much to be done this week

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a man in a suit and tie is smiling while looking at the camera . Alt: Gary Busey

Gary Busey?

Croatia's Omisalj crude receipts drop in October | Latest Market News Crude receipts at the Croatian terminal of Omisalj fell in October, as a refinery served by the port caught fire and a disagreement continued between Omisalj's terminal operator and Hungary.

We run stories at the start of each month about crude receipts the prior month at Med refineries, tracking west-east from Spain via Fos-Lavera, Italy ex-Trieste, Greece and ending up at Omisaj, Croatia. Proprietary data as proxy for refinery runs. Sample:

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this kid will be 19 now. the Rose Garden has gone. Someone should find him and ask him what he thinks about that

Rosneft/Lukoil sanctions have strong case for being most effective of the war so far. In 3 weeks, Russian crude export prices have dropped 25%, Bulgaria, Romania and Serbia are all on the brink of expropriating Russia-linked refineries and Iraq has de facto nationalised Lukoil's West Qurna oil field

And up and up and up

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Cop: Cop 30 braces for first test on divisive issues | Latest Market News Brazil, which holds the UN Cop 30 presidency, is bracing for its first test at the climate summit later today as it seeks compromises between parties on key issues left out of the agenda — unilateral ...

First test of Brazil's diplomacy looms at #Cop30

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price went up a bit yesterday, and is down a bit today. It's been in a really narrow range of around $10 for six weeks, or around $5 for five weeks, and around $2 this month

Opec sticks to demand outlook, notes stock build | Latest Market News Opec has kept its global oil demand growth forecasts unchanged for this year and 2026, for a fourth month in a row. But it highlighted a sizeable build in global oil stocks.

The daily grind of writing an oil futures price story does end up with some odd reasoning. Some have attributed Brent being down 2pc today on this, the latest in a succession of incredibly dull Opec monthly oil market reports

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Cop: Ethiopia on track to host Cop 32 in 2027 | Latest Market News Ethiopia is on course to win its bid to host the UN Cop 32 climate summit in its capital Addis Ababa in 2027, after the African Group — a UN party grouping of 54 African countries — endorsed the natio...

Ethiopia looks likely to be host for next-Cop-but-one. Next Cop host still undecided with Turkey and Australia both up for it

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Cop: US state efforts outweigh Trump stance - Newsom | Latest Market News President Donald Trump's antagonism toward climate change policy should not cloud how the rest of the world views the US because many states are filling the void, California governor Gavin Newsom (D) ...

At #Cop30, podcasting's Gavin Newsom wants the world to not think the worst of the USA

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Age of electricity has arrived: IEA's Birol | Latest Market News Global electricity demand grows much faster than overall energy use and renewables grow faster than any other major energy source in all scenarios of the latest <i>World Energy Outlook</i> (WEO) from ...

In all the IEA's WEO scenarios, global electricity demand grows much faster than overall energy use and renewables grow faster than any other major energy source

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IEA's WEO brings back no-peak oil scenario | Latest Market News The IEA has revived a scenario in its latest <i>World Energy Outlook </i>(WEO) in which global oil demand keeps rising to 2050, a shift from <a href="https://direct.argusmedia.com/newsandanalysis/arti...

The IEA WEO long-term energy outlook revives a scenario in which oil demand doesn't peak pre-2050. It assumes no new policies/regs beyond those in place. Its scenario that includes announced but unimplemented policies is broadly unch, with 2030 peak demand

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COP: California | Latest Market News California is "doubling down" on its climate policies and goals to mitigate the impact of policy shifts by US president Donald Trump, California state senator Josh Becker (D) said at the UN Cop 30 cli...

California, at #Cop30, says is "doubling down" on its climate policies and goals

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Cop: Agenda agreed, key issues left to presidency | Latest Market News Countries at the UN Cop 30 climate summit were able to agree on an agenda a day prior to the summit's beginning, but key issues — unilateral trade measures, climate finance and countries' climate plan...

At #Cop30 an agenda. But not the agenda

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European gasoline cracks hit 18-month high | Latest Market News European gasoline margins to crude hit an 18-month high on Monday.

European gasoline refining margins going up up up

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Glencore employees The Serious Fraud Office (SFO) has charged six former employees of Glencore with conspiring to make corrupt payments to benefit the company's oil operations in West Africa.

Wheels of justice latest: The former Glencore employees charged in August and September 2024 with fraud relating to the awarding of oil contracts in Cameroon, Nigeria and the Ivory Coast from 2007 to 2014 will stand trial in... October 2027

www.gov.uk/sfo-cases/gl...

With Trump talking legal action against the BBC, it's interesting to note his administration failed to meet a court-ordered deadline to clarify timing of finalising new biofuel blend mandates.

Biofuel groups have repeatedly sued the administration over its delays

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Cop: Climate plans project 12pc GHG cuts over 2019-35 | Latest Market News Countries' most recent climate plans are projected to cut total global greenhouse gas (GHG) emissions by around 12pc over 2019-2035, UN climate body the UNFCCC said today.

#Cop30 news: If countries implement all elements of their NDCs, global GHG emissions could drop by 14pc in 2019-35.

"The emissions curve has been bent downwards," said the UNFCCC

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Cop: Paris goals remain elusive | Latest Market News A decade after the birth of the Paris climate agreement, most countries still hail it as a landmark.

Overview of the leaders' summit at #Cop30 ahead of the actual shindig that starts today. Everyone agrees something must be done. No-one agrees who should do it or who should pay

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Cop: EU, China join Brazil in carbon market coalition | Latest Market News Brazil, China and the EU launched the Open Coalition on Compliance Carbon Markets, an initiative to standardise and integrate different national carbon markets, Brazilian president Luiz Inacio Lula da...

Big early #Cop30 move, as Brazil, China and the EU form a carbon market coalition

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Cop: Brazil calls for fossil fuel phase-out roadmap | Latest Market News Brazilian president Luiz Inacio Lula da Silva today called world leaders to draw roadmaps to "overcome dependence on fossil fuels" and reverse deforestation, during a global summit ahead of the UN Cop 30 climate talks.

ICYMI the president of Brazil opened #Cop30 with a call to phase out fossil fuels.

In other news, Brazil's state-controlled Petrobras plans to add 1mn boe/d of oil and gas production by 2029.

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Gunvor USA Successfully Refinances Credit Facility to $2.8 billion, Marking Strong Growth Momentum with Expanded Lender Group HOUSTON (November 6, 2025) – Gunvor USA LLC, a leading independent commodities trading company and subsidiary of Gunvor Group, is pleased to announce the successful refinancing and upsizing of its syn...

Just hours before commodities trading firm Gunvor was labeled a 'Putin puppet' by the White House yesterday its US business refinanced a credit facility to the tune of $2.81bn backed by a whole host of banks

gunvorgroup.com/news/gunvor-...

Average gasoline price is $3.08. Getting to $2 would require something like a recession or, you know, pandemic. Trump cites this figure so often he seems to have no idea of how much gasoline actually costs