U.S. crude output hits a record 13.9 million barrels a day as Brent trades above $73
Output record
U.S. crude oil production reached 13.934 million barrels a day in April, the highest monthly rate the Energy Information Administration has recorded. The figure came in Tuesday's monthly release. Domestic supply is running full even as prices stay soft, which keeps wholesale costs steady for jobbers buying gallons this summer.
Prices and Hormuz
Brent crude traded above $73 a barrel this week as renewed U.S.-Iran strikes kept the Strait of Hormuz in focus. Traffic through the strait slowed, with 59 transits recorded on June 24. A large share of the world's seaborne oil moves through Hormuz, so a slowdown there feeds straight into futures. The market looks jumpy, and pump prices have held.
Russian refining
Strikes on Russian refineries are pushing fuel prices up across Central Asia. Governments in the region are looking for other supply as Russian product turns less reliable. Refinery losses can move regional pump prices on their own, and Central Asia is feeling it now.
Ethanol fight
India's Supreme Court ordered a status quo on a Karnataka ruling about ethanol allocation, leaving blenders waiting on the volumes they can claim. The Centre told the court that 20% blending is still an ongoing experiment, language that drew pushback from producers. In Europe, the ethanol group ePURE is pressing for E20 blends to meet transport targets. Ethanol policy sets the floor demand that feedstock markets plan around.
Store floor
Convenience retailers keep leaning into food. Freshie rebuilt its store design around prepared food with the firm Paragon Solutions, down to where the registers sit. Mashgin is selling barcode-free self-checkout to operators who want faster lines. Pilot opened a Fourth of July fuel discount to pull holiday traffic.
What to watch
Hormuz transit counts and any further Russian refinery losses could move diesel and Brent next. The weekly EIA inventory print will show whether record output starts building stocks. The next Indian court date on ethanol allocation will tell blenders how much volume they actually get.