|Day's Range||1.8951 - 1.9366|
Quickly rising gasoline prices are every President’s nightmare, and President Trump could actually fall back on old legislation that would allow him to curb oil product exports in order to keep prices in check
Retail U.S. gasoline prices are poised to climb for a sixth straight week, and may climb close to $3 a gallon on average before they peak this spring, according to fuel-price tracker GasBuddy.
OPEC's work is over. There were reports this past week that the cuts in OPEC production that began in earnest in December (the same month as the group's meeting where it vowed to cut output), had completed its task – it was at a level that should balance the market. For example, in its monthly report, OPEC itself saw the group's production had fallen to the level it also estimated the group needed to produce this year to balance supply.
Exxon Mobil Corp cut back gasoline production at its 560,500 barrel per day (bpd) Baytown, Texas, refinery after a hydrotreater fire on Saturday, said sources familiar with plant operations. In an emailed statement, Exxon said it had now contained the fire, which started at about 12:30 p.m. local time (1730 GMT). "We are cooperating with necessary regulatory agencies, and a thorough investigation will be conducted to determine the cause of this incident," Exxon said.
Oil futures rally Wednesday to settle at their highest level since November as weekly data reveal a surprise decline in U.S. crude stockpiles and a bigger-than-expected drop in gasoline inventories.
Strong domestic production and sharp rise in imports have led to the big stockpile build with the world's biggest oil consumer.
U.S. WTI and international-benchmark Brent crude oil futures posted a choppy performance on Wednesday, first dropping sharply then clawing back most of those losses into the close. Gold futures steadied into the close on Wednesday after hovering near a five-week low touched the previous session. Natural gas futures were pressured by reports of an easing of the current extreme cold temperatures hitting several key demand areas.
A drop in U.S. gasoline stockpiles that was more than double market expectations lifts futures prices for the fuel to their highest in over four months on Wednesday, but U.S. benchmark oil prices decline following a hefty weekly rise in domestic crude inventory.
SINGAPORE/HANOI, Feb 28 (Reuters) - A Vietnamese tanker was bound for North Korea carrying 2,000 tonnes of gasoline, Refinitiv shipping data showed, just as North Korean leader Kim Jong Un and U.S. President Donald Trump prepared for key talks on security and cooperation in the Vietnamese capital Hanoi. The vessel, the Viet Tin 01, arrived just outside the harbour of Nampo on North Korea's western coast on Feb. 25 carrying 2,000 tonnes of gasoline, according to the data compiled by Refinitiv.
U.S. Agriculture Secretary Sonny Perdue said on Wednesday he had been reassured by his counterpart at the Environmental Protection Agency (EPA) that the agency would "very likely" finish its rule allowing year-round sales of higher ethanol blends of gasoline in time for summer driving season. Perdue had told a Congressional hearing earlier in the day that EPA would probably fail to complete the rule in time, something that could have proven a setback for the agriculture industry keen to boost its sales of corn-based ethanol. "Today he told me he thought it was very likely that they could get it done and would do so if at all possible," Perdue told reporters in Washington, referring to EPA Acting Administrator Andrew Wheeler.
The U.S. Environmental Protection Agency said on Wednesday it plans to release its draft proposal to allow summer-time sales of higher ethanol gasoline blends this month, and still hopes to finalize the rule in time for summer. "EPA is planning on releasing its... proposal in March, and working expeditiously to propose and finalize the rule consistent with the President’s direction before the start of the summer driving season," agency spokesman Michael Abboud said in an emailed statement.
Lower gasoline prices pulled Canada's annual inflation rate in January down to 1.4 percent from 2.0 percent in December, reinforcing market expectations that imminent interest rate hikes are off the table. January marks the second time in the last 12 months that the rate has slipped below the Bank of Canada's 2.0 percent target. The central bank has raised rates five times since July 2017, though Governor Stephen Poloz indicated last week that while interest rates need to move up into a neutral range, he was in no rush to resume monetary tightening.
Asia's gasoline margins have recently swung back to a premium after mainly being at discounts since the start of 2019 as rising demand from Indonesia and upcoming refinery maintenance raised supply concerns. The so-called gasoline crack spread, or the price difference for the fuel versus Brent crude oil, rose to nearly $1 a barrel on Tuesday, according to data on Refinitiv Eikon. The spread typically trades at a premium to Brent but fell to a discount to the benchmark crude at the end of 2018 because of a supply glut of gasoline in Asia.
HOUSTON (Reuters) - Royal Dutch Shell Plc plans to shut the gasoline-producing unit at its 218,200 barrel per day (bpd) Norco, Louisiana, refinery as early as March 6 for a planned overhaul, sources familiar ...
OTTAWA (Reuters) - The value of Canadian retail sales slipped by 0.1 percent in December from November to C$50.35 billion ($38.10 billion), largely due to lower gasoline prices, Statistics Canada said on Friday. Analysts in a Reuters poll had forecast a 0.3 percent drop. Excluding autos and parts, sales fell a more material 0.5 percent, though most of that was due to a 3.6 percent drop in sales at gasoline stations. Sales were down in seven of 11 subsectors, representing 43 percent of retail trade. In volume terms, retail sales increased 0.2 percent from November and were up 0. ...
The Bank of Canada, which has raised interest rates five times since mid-2017, has said uncertainty over the impact of higher rates on household spending is one reason why it’s cautious in moving borrowing costs higher. The 2.7 percent increase in retail sales last year is less than half the 7.1 percent gain in 2016. During the last three months of 2018, retail sales fell 0.5 percent from the previous three-month period.
Iran has become self-sufficient in gasoline production, Iranian Oil Minister Bijan Zanganeh said on Monday after inauguration of the third phase of the Persian Gulf Star Refinery in the southern port city ...
SINGAPORE (Reuters) - India's Bharat Petroleum Corp Ltd has bought a gasoline cargo for first-half March arrival, two trade sources said on Monday.
U.S. consumer prices were unchanged for a third straight month in January, leading to the smallest annual increase in inflation in more than 1-1/2 years, which could allow the Federal Reserve to hold interest rates steady for a while. The Labor Department's report on Wednesday supported the Fed's recent description of price pressures being "muted." In a policy statement last month, the U.S. central bank kept rates unchanged, pledged to be "patient" before tightening monetary policy further and discarded promises of "further gradual increases" in borrowing costs. The Consumer Price Index last month was held down by cheaper gasoline, which offset increases in the cost of food, rent, healthcare, recreation, apparel, motor vehicles and household furnishings.