|Day's Range||1.6874 - 1.6984|
Brazilian state-run oil company Petroleo Brasileiro SA said on Wednesday that its management approved a revision in scheduling of price adjustments for diesel and gasoline in its refineries. In a securities filing, the company said price adjustments will be made according to market conditions locally and abroad, instead of being made at fixed intervals.
The main U.S. refining industry association said on Monday it sued to block the Trump administration's effort to expand sales of higher ethanol blends of gasoline, arguing the move exceeded the administration's authority. The legal challenge from the American Fuel and Petrochemical Manufacturers (AFPM) association escalated a battle between the oil and corn industries over the nation's biofuel policy, which requires refiners to blend biofuels like corn-based ethanol into their gasoline, often at great expense. President Donald Trump had directed the Environmental Protection Agency to lift a summertime ban on the sale of gasoline containing 15 percent ethanol, called E15, in an effort to help farmers suffering from the U.S. trade war with China.
Crude oil price trended lower after the Energy Information Administration reported a weekly build in crude oil inventories on Wednesday morning
A recent report by Moody's on the health of the frac sand industry has significant implications for the transportation sector that moves the material around. The issue that it and other companies face is that the areas that traditionally had produced much of the frac sand is a long way away from many of the oil- and gas-producing fields that need that sand to complete fracking operations. Wisconsin had been a strong area to produce what is known as Northern White Sand (NWS).
The Trump administration made good on a promise to Midwestern farmers to increase the blend of ethanol in auto fuel.
OMAHA, Neb. (AP) — The Trump administration is following through on a plan to allow year-round sales of gasoline mixed with 15% ethanol, though some say the move is undercut by a policy that gives oil refineries waivers allowing them to use reduced levels of the additive.
The Trump administration on Friday lifted restrictions on the sale of higher ethanol blends of gasoline, keeping a campaign promise to farmers suffering from the trade war with China but drawing a legal threat from the oil industry. The announcement will allow gasoline stations to sell blends containing up to 15 percent corn-based ethanol, called E15, year-round, ending a summertime ban that President Barack Obama's Environmental Protection Agency imposed in 2011 to reduce smog pollution. “As President Trump promised, EPA is approving the year-round sale of E15 in time for summer driving season,” EPA Administrator Andrew Wheeler said in a press release.
U.S. crude oil stockpiles fell less than expected last week, while gasoline stocks posted a hefty surprise build ahead of the Memorial Day long weekend as refiners boosted their rates to the highest in five months, the Energy Information Administration said on Thursday. Crude inventories fell 282,000 barrels in the week to May 24, compared with analysts' expectations for an decrease of 857,000 barrels and the industry group the American Petroleum Institute report of a 5.3 million-barrel draw. U.S. crude dropped $1 a barrel to $57.81 by 11:29 a.m. EDT (1529 GMT), while Brent crude was down $1.91 a barrel at $67.56.
The rare-earth minerals that China is threatening to withhold from the U.S. as a trade war escalates are more present in consumer products and manufacturing than people might think. Oil refineries depend on rare-earth elements as catalysts in units called fluid catalytic crackers.
CARACAS, Venezuela (AP) — Venezuela's widespread gasoline shortages are starting to affect some cities in Colombia, where drivers depend on cheap fuel smuggled in from their socialist-governed neighbor.
* U.S. energy giant ExxonMobil traded two Ebob gasoline barges based on Argus pricing on Wednesday, according to brokers. * This was the first time Exxon used Argus' European benchmark for gasoline, brokers ...
U.S. gasoline prices jumped the most since 2011 between New Year’s Day and early May this year, a few weeks before the unofficial start of the summer driving season
"I really believe that Iran would like to make a deal, and I think that's very smart of them, and I think that's a possibility to happen," Trump said during a news conference with Japan's Prime Minister Shinzo Abe in Tokyo.
The biggest U.S. gasoline price surge in years is running out of steam just in time for the start of the summer driving season.
Although you may not pay a lot of attention to geopolitical goings-on, trouble in the Middle East — especially U.S. tensions with Iran, which, incidentally, is not one of Saudi Arabia's favorite countries, either — may have a consequence on your disposable income. As tensions grow there and elsewhere, so do the odds of higher gasoline prices. Iran: According to the U.S. Energy Information Agency (EIA), "the Strait of Hormuz is the world's most important oil transit chokepoint." In 2016, 18.5 million barrels of oil per day passed through the strait between Iran and Oman.
On Sunday, a joint committee that includes OPEC members and non-OPEC nations will meet in Jeddah, Saudi Arabia to take a look at oil markets. This committee, known as the Joint Ministerial Monitoring Committee (JMMC) has only been around a few years.
West Texas Crude oil futures for July slipped 0.2% to $62.82 a barrel as of 8:55 AM ET (12:55 GMT), down from a two-and-half-week high of $63.81 earlier, as traders priced in the latest twists in the U.S.-China trade conflict, widely seen as one of the biggest risks to the world economy. Brent crude futures, the benchmark for oil prices outside the U.S., inched up to $72.22 a barrel.
MARACAIBO, Venezuela (AP) — U.S. sanctions on oil-rich Venezuela appear to be taking hold, resulting in mile-long lines for fuel in the South American nation's second-largest city, Maracaibo.
Outages in the North Sea, issues with Russian pipelines and reduced exports from some Mediterranean exporting countries have combined to make West African grades more attractive to European customers, traders said on Friday. * North Sea Forties crude differentials rose on Thursday to the highest level since early 2016, as an outage to the relatively small Flotta stream has added to supply curbs affecting Ekofisk and Statfjord. * These reduced exports, along with supply issues related to Russian pipeline contamination issues and a slight drop in Mediterranean output, has raised European appetite for West African crude.
Vehicles with internal combustion engines are facing an existential threat from electric vehicles, with one report suggest that gasoline vehicle sales have already peaked