|Day's Range||1.8258 - 1.8680|
BP does not expect supply from additional biofuel capacity in Brazil - where it is combining its unit with U.S. grain trader Bunge's - to replace diesel and gasoline demand, BP's head of Alternative Energy, Dev Sanyal, told Reuters. Through the deal BP will increase its biofuel production to 22 million tonnes from 10 million tonnes a year, firmly focusing on Brazil as its biofuels production and consumption hub.
China just reported a drop in gasoline refining output this June. The drop in output comes as refining margins are under pressure due to faltering demand
Oil fell about 2.5% a barrel on Thursday, weighed down by weakness in U.S. equities markets and an expectation that crude output would rise in the Gulf of Mexico following last week's hurricane in the region. Prices were further weighed down by economic concerns as U.S. equities were on track for a third consecutive decline. U.S. offshore oil and gas production has continued to return to service since Hurricane Barry passed through the Gulf of Mexico last week, triggering platform evacuations and output cuts.
India's Bharat Petroleum Corp Ltd has bought gasoline for Kandla in a rare move to meet demand and plug a supply gap after cancelling an earlier purchase tender, industry sources said on Tuesday. BPCL bought 20,000 tonnes of 91.2-octane grade gasoline at a premium of about $9 a barrel to Singapore quotes on a cost-and-freight (C&F) basis. The fuel is of Euro IV-compliant grade and scheduled for July 18-22 arrival at Kandla port located in Gujarat state of western India.
Despite oil prices rising by over 15% in 2017, with a push to move electric vehicles into the fore, we set a record for gasoline demand, at time when we were supposed to be moving away from it. Over the last couple of years oil has been trading in roughly the same region, at about $50-60 a barrel, and in 2018, for example, about 142.86 billion gallons (or about 3.40 billion barrels 1 ) of finished motor gasoline were consumed in the United States, an average of about 391.40 million gallons (or 9.32 million barrels) per day. The San Mateo, California-based company took the fuel delivery service market by storm, entering the market in 2015 from its former headquarters in San Francisco and eventually scaling to carry gas to fleets and to individual consumer clients in northern and southern California and the Dallas-Fort Worth region in Texas. The startup sends roving refueling trucks to company parking lots to pump gas on-demand for fleets and employees, who are offered the service as a company perk.
(Bloomberg) -- Oil rebounded as a drop in U.S. gasoline supplies helped crude prices shrug off their biggest decline in a month.Futures gained 1.9% in New York after the Energy Information Administration said gasoline inventories shrank by 1.58 million barrels last week, about twice the drop suggested by an industry report a day earlier. The encouraging sign for demand helped counter a smaller-than-expected decline in domestic crude stockpiles.Prices were still far from recouping their 4.8% fall on Tuesday, when concerns about the global economy overshadowed a decision from OPEC and its allies to extend output cuts.“Clearly, there is no getting away from economic bearishness and cooling demand fundamentals,” Stephen Brennock, an analyst at PVM Oil Associates Ltd., wrote in a report. “This morning, however, has provided a reprieve from the selling frenzy as those searching for a bullish catalyst pin their hopes on another drawdown in U.S. oil inventories.”West Texas Intermediate crude for August delivery climbed $1.09 to $57.34 a barrel at the close of regular trading on the New York Mercantile Exchange.Brent for September settlement rose $1.42, or 2.3%, to $63.82 a barrel on the ICE Futures Europe Exchange after slumping 4.1% in the previous session. The global benchmark crude traded at a premium of $6.38 to WTI for the same month.A Bloomberg survey of analysts had forecast a decline in U.S. crude stockpiles of about 3 million barrels, while an American Petroleum Institute report suggested it would be almost 5 million. But the gasoline drawdown was almost twice what API had found.“We priced in even worse demand figures with the selloff yesterday,” said Phil Flynn, senior markets analyst at Price Futures Group in Chicago. “The reaction to the report today is a sign that we’ve priced in the bad news, and now we’ll start looking at some of the more bullish aspects of the market.”Trading was light before the July Fourth holiday in the U.S., exacerbating any shift in sentiment, said Matt Sallee, a portfolio manager at Kansas-based Tortoise, which oversees about $20 billion in assets.The EIA report “didn’t say anything too convincing one way or another for prices,” he said. “Crude’s obviously a little fragile right now. You’ve gotten the decision out of OPEC, but that was kind of a sell-the-news story.”\--With assistance from James Thornhill and Heesu Lee.To contact the reporters on this story: Alex Nussbaum in New York at firstname.lastname@example.org;Alex Longley in London at email@example.comTo contact the editors responsible for this story: Serene Cheong at firstname.lastname@example.org, Carlos CaminadaFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.
Gasoline exports from Europe to the U.S. East Coast rose sharply in early July after a fire at a major refinery in Philadelphia left a supply shortage in the densely populated region. Philadelphia Energy Solutions' (PES) 335,000 barrel-per-day (bpd) oil refining complex, the largest and oldest on the U.S. East Coast, is set to permanently shut down after it was hit by a devastating fire on June 21. Benchmark U.S. gasoline refining margins have gained over 16% since the fire at the plant which supplies around 55,000 bpd of gasoline to the region, according to consultancy Energy Aspects.
Gasoline exports from Europe to the U.S. East Coast rose sharply in early July after a fire at a major refinery in Philadelphia left a supply shortage in the densely populated region. Philadelphia Energy Solutions' (PES) 335,000 barrel-per-day (bpd) oil refining complex, the largest and oldest on the U.S. East Coast, is set to permanently shut down after it was hit by a devestating fire on June 21.
Drivers will be dealing with higher gasoline prices at the pump as they prepare to travel for the Independence Day holiday this week.
Most corners of ETF investing have performed exceptionally well while a few areas are lagging. Below, we have highlighted the best and worst zones of the first half and their ETFs.
The shutdown at Philadelphia Energy Solutions could increase US oil inventories in the coming weeks. But at the same time, gasoline inventories might decline. The Philadelphia Energy Solutions refinery has a refining capacity of 335,000 barrels per day. On June 26, the United States Gasoline Fund (UGA), which follows gasoline prices, rose 4%.
U.S. oil prices climb sharply Wednesday after the U.S. government reported a weekly drop of nearly 13 million barrels in domestic crude stocks, while gasoline futures rally by 5% on news a planned refinery closure.
The largest and oldest refinery on the U.S. East Coast is set to be permanently closed after a series of explosions rocked processing units, sending gasoline futures soaring
Gasoline futures climbed 5% Wednesday, as news that Philadelphia Energy Solutions refinery plans to close permanently raised concerns over tighter supplies of the fuel on the East Coast. Oil prices, meanwhile, climbed on the back of a nearly 13 million-barrel weekly drop in U.S. crude supplies. July gasoline added 9.3 cents, or 5%, to settle at $1.970 a gallon. August West Texas Intermediate crude added $1.55, or 2.7%, to finish at $59.38 a barrel. Both gasoline and WTI futures logged their highest settlements since May 22.
Growth in India's demand for gasoline and jet fuel is expected to slow slightly this year, the head of the country's largest refiner said on Tuesday, as prospects for world trade deteriorate. "Growth in the first six months "has been slightly subdued because of many different reasons including monsoon impact," Indian Oil Corp Chairman Sanjiv Singh told Reuters.
Growth in India's demand for gasoline and jet fuel is expected to slow slightly this year, the head of the country's largest refiner said on Tuesday, as prospects for world trade deteriorate. "Growth in the first six months "has been slightly subdued because of many different reasons including monsoon impact," Indian Oil Corp Chairman Sanjiv Singh told Reuters. The International Energy Agency has revised down its 2019 oil demand growth estimate by 100,000 barrels to 1.2 million barrels per day due to the worsening prospects for world trade, although stimulus packages and developing countries should boost growth going into 2020.
The explosions at the Philadelphia refinery last week is set to raise gasoline prices throughout the U.S. as a local shortfall is turning into a national problem
Stocks were mixed as oil prices edged higher, with United Technologies and Merck rising as the Dow Jones and S&P; 500 tracked toward a record June.
Gasoline futures and related exchange traded fund climbed Friday after a large explosion and a fire broke out at a Philadelphia refinery, disrupting the steady supply in the traditional summertime driving season. The United States Gasoline Fund (UGA) surged 3.1% Friday, breaking above its long-term trend at the 200-day simple moving average, as RBOB gasoline futures increased 4.2% to $1.8619 per gallon. The explosion helped maintain the momentum in energy prices amid rising tensions in the middle east as the U.S. stands off against Iran.
Oil futures gain on Friday, with U.S. prices tallying a rise of almost 9% for the week and highest settlement this month, while gasoline futures rally in the wake of a fire at a 150-year-old refinery complex in Philadelphia.
Oil prices surged overnight and into Friday morning on the back of the explosion at Philadelphia Energy Solutions, the biggest refiner on the U.S. East Coast. Since the start of the trading day on June 19, oil prices have been on a classic roller-coaster. The cause of that was assumed to be buying in the wake of the Iranian downing of a U.S. drone.
A sequence of explosions early Friday ripped through a Philadelphia Energy Solutions (PES) gasoline refinery, the East Coast’s largest refinery, generating shock waves for miles and raining debris on nearby neighborhoods, just as the busy summer driving season was commencing. Some neighbors in South Philadelphia said debris hailed down from the sky, pegging houses in their neighborhoods after the explosions, according to NBC Philadelphia. It’s a serious outage that’s going to greatly affect the East Coast in particular,” said John Kilduff of Again Capital.