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U.S. crude oil stockpiles rose last week for the third consecutive weekly build as refineries continued to reduce output for seasonal maintenance, while gasoline inventories grew unexpectedly, the Energy Information Administration said on Thursday. The build was in part due to a 2.4 million-barrel increase in stocks at the Cushing, Oklahoma, delivery hub for U.S. crude futures.. Net U.S. crude imports fell last week by 1.4 million barrels per day to 4.8 million bpd, the lowest rate since at least 2001 when the EIA began tracking the data.
WASHINGTON/NEW YORK, Oct 9 (Reuters) - U.S. President Donald Trump launched an effort on Tuesday to increase ethanol use in the nation's gasoline pool, delivering a long-sought political victory to the country's Farm Belt and angering oil refiners ahead of November's congressional elections. Trump announced the lifting of a ban on summer sales of gasoline blended with 15 percent ethanol, known as E15, at a closed-door meeting at the White House, Republican senators told reporters after the meeting.
One Day After Catastrophic UN Climate Report, Trump Removes Restrictions on Ethanol Gasoline
WASHINGTON (Reuters) - U.S. President Donald Trump on Tuesday announced plans to lift a ban on summer sales of higher-ethanol blend of gasoline, known as E15, Republican senators said. Senator Charles ...
U.S. President Donald Trump on Tuesday plans to lift a ban on summer sales of higher-ethanol blend of gasoline, known as E15, delivering a long-sought win to the Farm Belt ahead of November's midterm elections and angering the refining industry. The move will be coupled with restrictions, a senior administration official said on Monday, on the multibillion-dollar biofuel credit trading industry sought by merchant refiners like Valero Energy Corp and PBF Energy Inc. Those rules will seek stop parties from hoarding the credits and driving up the cost of complying with biofuels blending laws. The announcement will cap a months-long effort by the White House to bring rival corn and oil industries together over reforms to boost ethanol demand while alleviating compliance costs for refiners.
Israelis will no longer be able to buy new gasoline or diesel-powered vehicles after 2030, the Energy Ministry said on Tuesday, unveiling a plan to replace them with electric cars and trucks that run on natural gas. The challenge will be creating an initial "critical mass" of cars that will move the local industry away from gasoline and diesel engines, Energy Minister Yuval Steinitz said. "We are already encouraging by funding charging stations, more than 2,000 new charging stations around the country," Steinitz told Reuters.
Investing.com - Oil prices retreated on Thursday from their highest levels since 2014, a day after data showing the biggest U.S. crude stockpile build in 19 months and signs that worries about a supply squeeze from upcoming Iranian sanctions may have been overplayed.
Bioscience engineers have been making gasoline from plant waste for some time, but a new breakthrough could send make the process more sustainable on a commercial scale
Investing.com - Oil prices were higher on Friday as supply concerns weighed and investors looked ahead to weekly rig count data.West Texas crude oil futures for November rose 0.22% to $72.28 a barrel as of 9:54 AM ET (13:54 GMT). Meanwhile, Brent crude futures, the benchmark for oil prices outside the U.S., increased 0.69% to a four-year-high of $81.94.Late on Wednesday, the U.S. said it would not increase supply to offset the decrease in production.Energy Secretary Rick Perry told a news conference that the Trump Administration was not considering a release of oil from the U.S. ...
U.S. gasoline prices are sitting at four-year seasonal highs headed into the November midterm elections, even as President Donald Trump has called repeatedly for OPEC to push prices lower. While gasoline prices typically drop following peak summer demand season, they have not fallen as fast as expected, said Jeanette Casselano, spokeswoman for the American Automobile Association. Fuel prices have risen due to a surge in crude oil prices.
The EIA (U.S. Energy Information Administration) reported a rise of 1.9 MMbbls (million barrels) in US crude oil inventories to 396 MMbbls for the week ending September 21. However, a Reuters poll indicated a fall of ~1.28 MMbbls. At ~10:27 AM EST, US crude oil November futures were at $71.77—down $0.51 from the last closing level. The rise left US crude oil inventories 2% below their five-year average, which dismayed oil bulls. A week ago, US crude oil inventories were 3% below their five-year average.
Investing.com - Brent oil prices rose to near four-year highs for a second day in a row on Tuesday as U.S. President Donald Trump vowed in a U.N. speech that there will be no reprieve for Iran from sanctions on its oil exports.
Investing.com - Oil prices were trading within reach of four year highs on Tuesday amid fears over a looming supply crunch after global producers decided against any increase in production despite calls from U.S. President Donald Trump for action to cool prices.
Investing.com - OPEC’s dismissal of Donald Trump’s demand for higher oil supplies bolstered crude markets on Monday, with UK Brent hitting four-year highs and West Texas Intermediate a July peak as traders feared global inventories were inadequate to match demand.
Oil prices continued to climb on Monday as an Iranian official said Saudi Arabia and Russia lack the capacity to add more oil to the market. West Texas Crude oil futures for November rose 1.96% to $72.17 a barrel as of 10:49 AM ET (14:49 GMT). Meanwhile, Brent crude futures, the benchmark for oil prices outside the U.S., increased 2.21% to an almost four-year-high of $79.97.
Prices of oil have been rising in recent months over concern of supply tightening due to U.S. sanctions against Tehran, which are expected to go into effect on November 4 and have already caused Iran’s crude exports to fall.
The Organization of the Petroleum Exporting Countries (OPEC) and Russia and its allies are scheduled to gather in Algeria on Sunday to discuss how to allocate higher supply to offset the shortage of Iranian supplies. The sanctions, which are expected to go into effect on Nov. 4, have already caused Iran’s crude exports to fall.
West Texas Crude oil futures for November fell 0.01% to $69.58 a barrel as of 5:09 AM ET (9:09 GMT). Meanwhile Brent crude futures, the benchmark for oil prices outside the U.S., decreased 0.18% to $78.89 but still remained near four-year highs.
West Texas crude oil futures for November surged 1.35% to $69.61 a barrel as of 10:35 AM ET (14:35 GMT). Meanwhile Brent crude futures, the benchmark for oil prices outside the U.S., increased 1.46% to $79.19.
West Texas Crude oil futures surged 1.22% to $69.52 a barrel as of 5:29 AM ET (9:29 GMT). Meanwhile Brent crude futures, the benchmark for oil prices outside the U.S., increased 1.29% to $79.06.
Strong gasoline inventories on the U.S. East Coast have kept cash prices for the product steady, traders said on Monday, despite refiners recently shutting gasoline-making units in the region due to leaks or to make repairs. High imports into the East Coast have kept inventories up, offsetting any potential supply disruptions from unit shutdowns at Philadelphia Energy Solutions' (PES) refinery complex in Philadelphia and Phillips 66's Bayway refinery in Linden, New Jersey, market sources said. Gasoline and blending components imports into the East Coast have been higher than year-ago levels for each of the last seven months, said Matt Smith, director of commodities research at ClipperData.
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