Crude Oil
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ADB cuts Asian growth outlook on Mideast Gulf crisis
ADB cuts Asian growth outlook on Mideast Gulf crisis
Singapore, 1 May (Argus) — The Asian Development Bank (ADB) has downgraded its economic growth outlook and raised inflation forecasts for Asia-Pacific, as prolonged disruptions caused by the US-Iran war continue to raise energy prices and weigh on economic activity. The ADB is now forecasting regional growth of 4.7pc this year and 4.8pc in 2027, down from projections of 5.1pc for both years made in its Asian Development Outlook April 2026 report. Inflation in the region is now forecast to rise to 5.2pc this year from 3pc last year, before easing to 4.1pc in 2027. The ADB's previous forecast, released in April, was based on assumptions finalised in early March, about a week after the war started, and envisaged an early stabilisation of the conflict. The revised outlook takes into account prolonged risks to energy production and transport routes, as well as continued pressure on oil and gas prices. It assumes that spot Brent crude prices will average around $96/bl in 2026 before easing to around $80/bl in 2027. This is substantially higher than pre-war levels of around $69/bl in January and February. "We are confronting systemic, long-lasting disruptions to global energy and trade networks, not just temporary volatility," said ADB's president Masato Kanda. If the conflict escalates further and oil prices move higher, growth in Asia-Pacific could slow further to 4.2pc this year and 4pc next year, while inflation could hit 7.4pc this year, the ADB said. Crude futures have risen strongly in recent days. The front-month June Brent contract on the Ice exchange traded as high as $126.41/bl on 30 April , surging by over 7pc from the previous close. The new July contract traded at $110.35/bl at 3:30pm Singapore time (07:30 GMT) today. Brent futures were trading at around $60-70/bl for most of January-February, before the war began. Demand reductions Governments should focus on cutting energy demand where possible, the ADB said. Some of the recommended measures, such as limiting air-conditioning and encouraging working from home, have already been implemented in countries including the Philippines and Singapore. Policies should also focus on stabilisation, instead of the suppression of price signals, the ADB said. "Allowing higher energy prices to pass through, at least in part, can encourage energy conservation, fuel switching, and investment in alternative energy sources," it said. Meanwhile, central banks should try to limit excessive market volatility. Aggressive policy tightening could worsen growth headwinds and exacerbate financial volatility. Some tightening may be warranted, "but anchoring inflation expectations with effective central bank communication will remain key," the ADB said. By Prethika Nair Send comments and request more information at feedback@argusmedia.com Copyright © 2026. Argus Media group . All rights reserved.
Japan’s petchem supplies to last into next year: PM
Japan’s petchem supplies to last into next year: PM
Tokyo, 1 May (Argus) — Japan's supply of naphtha-derived chemical products is sufficient to last beyond the end of this year, prime minister Sanae Takaichi said. Japanese refiners are continuing to produce domestically refined naphtha, while naphtha imports from countries outside the Middle East — including the US, Algeria and Peru — will treble in May compared with levels before the escalation of geopolitical tension in the Middle East, Takaichi said on 30 April. Naphtha imports from such countries were 900,000 kilolitres (190,000 b/d) in April and will surpass 1.35mn kl in May, according to the trade and industry ministry Meti. Japan has also secured stocks of intermediate chemical products, such as polyethylene and polypropylene, totalling around 1.8 months' worth of use. These procurement efforts and inventory utilisation mean Japan can maintain its supply of naphtha-derived chemical products beyond the end of the year, Takaichi said, up from the previous estimate of over six months made in early April. Japan has secured around 1.4mn b/d of crude oil for May, accounting for around 60pc of the country's requirement based on average 2025 imports of 2.36mn b/d, Takaichi said. The country secured more than 500,000 b/d in April, around 20pc of its needs, according to Meti. Japan has been drawing on its stockpiles to cover its remaining requirements. It began releasing a second batch of oil from its national reserves on 1 May, Meti said today. The ministry previously said on 30 April that the start of this release would be delayed by one day to 2 May. Takaichi also reiterated that Japan has sufficient oil supplies to last beyond the end of this year, taking into account its oil reserves and alternative purchases. Tokyo has been providing fuel subsidies to ease the impact of rising oil prices caused by supply disruptions through the strait of Hormuz, as it aims to cap retail gasoline prices at around ¥170/l ($1.08/l). Japan's nationwide average gasoline price has fallen to ¥170/l, which is half the level in European countries and similar to prices in oil-producer the US, Takaichi stressed. Japan's subsidised retail gasoline prices averaged ¥169.7/l as of 27 April, according to Meti. By Kohei Yamamoto Send comments and request more information at feedback@argusmedia.com Copyright © 2026. Argus Media group . All rights reserved.
PBF to move WTI to US east coast on Jones waiver
PBF to move WTI to US east coast on Jones waiver
Houston, 30 April (Argus) — Refiner PBF Energy is planning to run WTI crude at its eastern US refineries in the second quarter taking advantage of a waiver of the Jones Act, the company said today. With the Jones Act "on the shelf for a period of time", PBF can run non-traditional crudes to the east coast, including WTI and other US barrels, chief executive Matthew Lucey said on an earnings call. PBF's east coast facilities include the 171,000 b/d Delaware City refinery in Delaware and the 100,000 b/d Paulsboro refinery in New Jersey. The refineries run a variety of heavy crude slates, which they can receive through waterborne cargoes or by rail, but can also process lighter, sweeter oil like Bakken crude. The shipments would take advantage of a Jones Act waiver first issued on 17 March and later extended by 90 days through 15 August. US president Donald Trump approved the waiver of domestic shipping requirements in an attempt to ease a spike in commodity prices caused by the US-Iran war. PBF earlier this month shipped heavy crude between two points in California on a foreign-flagged ship, the second instance of the Jones Act waiver being used to move crude cargoes, according to ship-tracking data from Kpler. Phillips 66 has also shipped oil using a Jones Act waiver, moving Bakken crude from its Nederland terminal in Texas to supply its 258,500 b/d Bayway refinery in New Jersey. By Eunice Bridges Send comments and request more information at feedback@argusmedia.com Copyright © 2026. Argus Media group . All rights reserved.
Crude futures surge 7pc to new four-year high
Crude futures surge 7pc to new four-year high
Singapore, 30 April (Argus) — Brent crude futures rose by 7pc to a four-year high in Asian trading today, on the prospect of a lengthy closure of the strait of Hormuz. The front-month June Brent contract on the Ice exchange traded as high as $126.41/bl, up by more than $8/bl from the previous close, before falling back to $123.65/bl at 13:00 Singapore time (05:00 GMT). Today's high takes gains in June crude futures to almost 14pc since the close on 28 April, after prices rose by $6.77/bl yesterday. The increase in front-month prices comes ahead of the expiry of the June Brent contract today. The July contract settled at $110.44/bl yesterday, around 6.5pc lower than the June settlement. Gains in the Nymex front-month June crude contract were more subdued today, with prices rising by as much as 3.2pc or $3.41/bl to a high of $110.29/bl. Prices were pushed higher by the prospect of a continued supply crunch, as well as a report from US news agency Axios that president Donald Trump is considering resuming military attacks against Iran. US Central Command will brief Trump on new military options later today, the report said. Trump and key cabinet members discussed the possibility that the blockade on the strait of Hormuz might remain for "months" during a meeting with energy executives on 28 April, the White House said. The meeting marks the latest attempt by the Trump administration to prepare for extended disruptions to global energy markets, if negotiations with Iran are unable to quickly re-open the strait of Hormuz. US treasury secretary Scott Bessent hosted the meeting with the executives, which was also attended by US vice-president JD Vance and White House chief of staff Susie Wiles. "They discussed the steps President Trump has taken to alleviate global oil markets and steps we could take to continue the current blockade for months if needed and minimize impact on American consumers," the White House said. By Rhalain Reyes and Kevin Foster Send comments and request more information at feedback@argusmedia.com Copyright © 2026. Argus Media group . All rights reserved.
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