|Day's Range||1.4234 - 1.4677|
U.S. consumer prices fell for the first time in nine months in December amid a plunge in gasoline prices, but underlying inflation pressures remained firm as rental housing and healthcare costs rose steadily. This likely supports recent statements by Federal Reserve officials pledging patience in raising interest rates this year. "The Fed will take this as further proof that price pressures are building more slowly than some have feared based on the strong growth of late and tight labor market," said James McCann, senior global economist at Aberdeen Standard Investments in Boston.
U.S. consumer prices fell for the first time in nine months in December amid a plunge in gasoline prices, but underlying inflation pressures remained firm as rental housing and healthcare costs rose steadily. Overall, the report from the Labor Department on Friday pointed to moderate inflation, which could support recent statements by Federal Reserve officials for caution about raising interest rates this year. "The Fed will take this as further proof that price pressures are building more slowly than some have feared based on the strong growth of late and tight labor market," said James McCann, senior global economist at Aberdeen Standard Investments.
Some Mexican auto plants may end up suspending operations if the government does not quickly resolve widespread gasoline shortages stemming from President Andres Manuel Lopez Obrador's bid to end fuel ...
NEW YORK/WASHINGTON, Jan 8 (Reuters) - The U.S. Environmental Protection Agency has warned at least two lawmakers that the federal government shutdown has delayed the agency's work on a rule expanding sales of higher-ethanol blends of gasoline, but that the plan could still be completed before summer, two sources briefed on the matter told Reuters. President Donald Trump pledged to lift the summer ban on sales of so-called E15 gasoline in the run-up to November's mid-term elections, in a much-needed boost to an ethanol industry upended by trade wars and weak demand growth at home. The Trump administration hoped to have the rule published by February and approved by June, but the EPA recently told the lawmakers that the timeline will be delayed due to the government shutdown, said the sources, who spoke to Reuters on Tuesday and over the weekend on condition of anonymity.
Egypt will implement an automatic price indexation mechanism on 95 octane gasoline starting in April which will limit price changes to 10 percent, Petroleum Minister Tarek El Molla said on Monday. Egypt is pushing ahead with tough economic reforms as part of a three-year $12 billion IMF loan deal signed in 2016. In June, Egypt raised gasoline prices by up to 50 percent under the IMF programme.
Egypt will implement an automatic price indexation mechanism on 95 octane gasoline starting April, the petroleum minister said on Monday. The price of 95 octane gasoline may stay at the current rate or ...
MEXICO CITY (AP) — Mexicans are scrambling for gasoline amid long lines at gas stations and widespread shortages prompted by a change in distribution methods aimed at stemming fuel theft.
Oil prices rallied almost 4% on Friday morning on hopes of a deal between the U.S. and China, but a major build in gasoline and distillate stocks has capped gains
General Motors named company insider Mark Reuss as president Thursday. The 55-year-old's father also served as GM president nearly three decades ago. Reuss was once seen as a contender for CEO before Mary Barra got the job.
The American Petroleum Institute reported late Thursday that U.S. crude supplies fell by 4.5 million barrels for the week ended Dec. 28, according to sources. The API data came two days later than usual because of Tuesday's New Year's Day holiday. They also reportedly showed that gasoline stockpiles climbed by 8 million barrels, while distillate inventories rose by 4 million barrels. Inventory data from the Energy Information Administration will be released Friday. On average, analysts surveyed by S&P Global Platts expect the EIA to report a fall of 1.3 million barrels in crude supplies. The survey also forecast supply increases of 1.6 million barrels each for gasoline and distillates. February West Texas Intermediate crude was at $46.84 a barrel in electronic trading. That's down from the $47.09 settlement on the New York Mercantile Exchange.
Gasoline prices at the pump have dropped to their lowest in about a year and a half but could jump by 35% as soon as May, with output cuts by major oil producers expected to boost the price of oil, according to gasoline-price tracker GasBuddy. The national average price for a gallon of gasoline got its lowest start to a year since 2016, “when the national average was also near free fall and eventually hit $1.66 a gallon, said Patrick DeHaan, head of petroleum analysis at GasBuddy. At an average of $2.229 Wednesday afternoon, gasoline prices were at their cheapest since July 2, 2017, he said, adding that a price of $2.22 would be the lowest since President Donald Trump entered office.
Gasoline prices in the U.S. are at around 1-year lows, but this could change in the coming months as a result of new OPEC+ output cuts
The prices of gas surged Wednesday, with the RBOB gasoline rising by more than 5% to reach 1.3752 USD per gallon after opening the day’s trading around 1.2880. USD per gallon. On Thursday, however, the prices had fallen by 3.7% from yesterday’s high and is now hovering around 1.3288 USD per gallon. U.S. West Texas
Venezuela's capital was roiled by nagging gasoline shortages, snarling traffic and infuriating residents in the stricken country with another woe just before the holiday season.
West Texas Crude oil futures for January slumped 0.50% to $51.23 a barrel as of 4:54 AM ET (9:54 GMT), after falling nearly 3% on Thursday. Meanwhile Brent crude futures, the benchmark for oil prices outside the U.S., dipped 0.45% to $59.78.
Retail gasoline prices in the United States should average $2.25 a gallon in 2019, Marathon Petroleum CEO Gary Heminger said at an industry conference in New York on Thursday. Heminger added that he expects crude oil prices to stay in a range of $60-$70 a barrel. As long as crude oil prices stay within that range "we'll probably average $2.25 (a gallon) for the year," he said at the S&P Global Platts Global Energy Outlook Forum.
Drivers heading out for the Thanksgiving holiday will find gasoline prices lower than they've been in nearly a year, thanks to a sharp drop in the cost of crude oil and a surge in fuel production driven by big demand for diesel. Pump prices remain substantially higher in the West, however, thanks the high cost of transporting motor fuel to the region and the relative dearth of local production capacity. Several factors have been driving pump prices lower, beginning with a sharp drop in oil prices.
AAA contends that motorists should add cheaper gasoline prices to their list of 'things for which to be thankful' this Thanksgiving.