|Day's Range||2.0359 - 2.0743|
Annual consumer price inflation rose to 1.9 percent from 1.5 percent in February, Statistics Canada said Friday from Ottawa. Key InsightsWhile sharp movements in gasoline prices have generated volatility in Canada’s headline inflation number over the past year, underlying price pressures have largely been stable near the Bank of Canada’s 2 percent target.
Prices for the motor fuel have boomed 52 percent this year, making it the best-performer for 2019 in the Bloomberg Commodity Index. Unexpected fires and other breakdowns at refineries from New Jersey to California reduced production of the motor fuel just as the weather gets warmer and distributors are stocking ahead of peak summer driving season. On top of that, some companies moved up maintenance to this spring from later in the year to prepare for a major change in shipping fuel rules in 2020, further reducing output.
CAIRO (Reuters) - Saudi Arabia raised the local price for Octane 95 gasoline to 2.10 Riyals from 2.02 Riyals last quarter and Octane 91 to 1.44 Riyals from 1.37 Riyals per litre, state oil firm Saudi Aramco ...
The U.S. West is feeling the pinch from refining outages and a jump in ethanol prices due to Midwest floods. California stations are selling $4 a gallon gasoline, but for drivers in most other states, unleaded gas this summer may not even reach $3 a gallon or stay there for long if it does. Rising gasoline prices were a big reason why March consumer prices jumped the most in more than a year.
Oil futures climbed more than 1 percent on Wednesday after U.S. data showing a deep decline in gasoline stocks overrode a rise in crude inventories to 17-month highs, and as an OPEC report showed further tightening of Venezuela's crude supply. "At the end of the day, that big gasoline stock draw was more important to the market than the build in crude stocks because I think the crude build could easily be largely reversed next week," said Jim Ritterbusch, president of Ritterbusch and Associates. U.S. crude stockpiles last week rose to their highest level since November 2017 as imports grew, while gasoline inventories posted the steepest drawdown since September 2017, the Energy Information Administration said.
Futures in New York rose 1 percent on Wednesday, while gasoline prices jumped 3.5 percent. Domestic fuel stockpiles tumbled more than analysts expected, while crude supplies expanded for a third straight week, according to the Energy Information Administration. Oil has climbed more than 40 percent in New York this year as the Organization of Petroleum Exporting Countries works to trim output and help balance global oil markets.
Gasoline futures rally on Wednesday to mark their highest finish since October, getting a lift from a hefty decline in weekly U.S. stockpiles of the fuel and providing a boost to oil prices, which rose despite a third-weekly rise in domestic stockpiles.
U.S. crude oil stocks rose more than expected last week to the highest in nearly 17 months as imports climbed, while gasoline inventories posted their steepest drawdown since September 2017, the Energy ...
The Energy Information Administration on Wednesday reported that U.S. crude supplies climbed by 7 million barrels for the week ended April 5. Analysts polled by S&P Global Platts expected a rise of 2.8 million barrels, following two consecutive weeks of increases. The American Petroleum Institute on Tuesday had reported a climb of 4.1 million barrels, according to sources. The EIA data, however, also showed that supplies of gasoline dropped by 7.7 million barrels, while distillates declined by 100,000 barrels last week, according to the EIA. The S&P Global Platts survey had shown expectations for supply declines of 1.9 million barrels for gasoline and 1.5 million barrels for distillates. May West Texas Intermediate crude was up 33 cents, or 0.5%, at 64.31 a barrel on the New York Mercantile Exchange, little changed from before the supply data's release.
Royal Dutch Shell Plc is about halfway through a planned overhaul of the gasoline-producing Residual Catalytic Cracking Unit (RCCU) at its 218,200 barrel-per-day (bpd) Norco, Louisiana refinery, said sources familiar with plant operations. An overhaul of the 14,200 bpd Alkylation Unit also under way is expected to finish in about two weeks, the sources said on Tuesday. Shell spokesman Ray Fisher declined to comment.
Gasoline prices have been rising and could send CPI higher, though consumer inflation is expected to remain below the Fed's 2% target. The consumer price index data is scheduled to be released at 8:30 a.m. ET on Wednesday, and the Fed releases the minutes of its last meeting at 2 p.m. Consumer inflation probably got a boost from rising gasoline prices in March, but it should not break out above the subdued pace that encouraged the Federal Reserve to keep interest rates on hold when it met last month.
The U.S. Energy Information Administration predicted Tuesday that the national average price from April through September will be $2.76 a gallon, down from $2.85 last summer. Oil prices are up since December but still down from a year ago.
Mexico's annual inflation ticked up slightly in March, the statistics institute said on Tuesday, spurred by a jump in gasoline prices that has raised red flags with the government. Mexican consumer prices rose 4.00 percent in March from the same month a year earlier, the data showed. Softer inflation this year and the resulting pause on interest rate hikes had helped offset concerns about growth in the wider economy since Lopez Obrador the last quarter of 2018, when Lopez Obrador took office.
A lack of gas supplies is pushing prices higher at the pump. Drivers in the West Coast, Rockies, Great Lakes and Central regions are pinched the most.
Severe flooding in the U.S. Midwest this season has had ripple effects for drivers further west, as washed-out rail lines disrupted ethanol supply, causing spikes in gasoline prices and even forcing some retail stations to shut down. Ethanol producers in flood-ravaged states have had trouble getting their product to markets over the past two weeks, as rail lines have been shut or hampered by rising waters. Separately, a spate of refinery outages in California has tightened fuel supplies, contributing to higher prices.
Better-than-expected demand and a series of supply disruptions are bolstering oil prices as OPEC cuts output and U.S. energy sanctions bite.
U.S. President Trump has been a bulldog on foreign policy, especially in the energy sector, but this aggression could come back to bite him in his 2020 campaign
* Shipment comes at a time of refinery outages in U.S. SINGAPORE, March 28 (Reuters) - Commodity trader Trafigura is shipping this month a second newly built crude tanker with Asian gasoline onboard to South America amid strong demand in the West, four industry sources who closely monitor petrol trade flows said on Thursday.
A weekly look at what occurred in the oil markets of the U.S. and the world this past week. The U.S. Department of Energy (DOE) diesel price, which serves as the basis for fuel surcharges, has gone into significant periods of slumber this year, giving both shippers and carriers a period of relative stability that can be unusual in volatile oil markets. Since the CME price of ULSD settled at more than $2/gallon (g) for the first time this year on February 15, the daily CME settlement has moved back and forth over that price numerous times before the Friday slide in all markets pulled the settlement down to $1.9659/gallon.