|Day's Range||1.5359 - 1.5643|
Hurricane Dorian is rapidly approaching the coast of Florida, and while the energy industry is unlikely to see major consequences, a run on gasoline has created a shortage
Drivers hitting the road this holiday weekend are set to enjoy the cheapest Labor Day gasoline prices in three years—a boon to consumers—while fears of recession grip much of Wall Street.
Diesel supplies in Florida as Hurricane Doria nears appear to be adequate but the reports are somewhat inconsistent. Gas Buddy, an information service that provides gasoline and diesel prices with the data mostly supplied by a community of users, was reporting some significant outages. In a tweet, Patrick DeHaan, the head of petroleum analysis for Gas Buddy, reported near midday Friday that 39 percent of stations in the West Palm Beach area surveyed by GasBuddy were out of diesel.
India's Hindustan Petroleum Corp Ltd is seeking more gasoline after having purchased more than 120,000 tonnes of the fuel for September to early October delivery from the spot market to plug a supply gap, industry sources said on Tuesday. The state-owned refiner has been actively seeking gasoline from the spot market this year as Indian refiners undergo maintenance and upgradation to produce cleaner fuels. HPCL recently bought the cargoes for September to early October arrival at Visakhapatnam (Vizag) and Mundra from BP, Emirates National Oil Co and Trafigura, but the premiums were not immediately available.
The summer driving season isn’t over yet, but gasoline prices at the pump are already declining, with the potential to drop 10% or more from current prices before the year is done.
China is considering testing a ban on gasoline-powered vehicles in some parts of the country and may set a timetable to eventually phase out such vehicles, according to the industry ministry. The government has encouraged sales of electric vehicles as part of a crackdown on pollution, but auto industry officials doubt it will completely phase out traditional internal combustion engines given regional differences in climate and environment. The document was issued in response to a proposal from China's parliament on July 16 and reported by Chinese state media on Wednesday.
Iraq raised its domestic production of gasoil and gasoline in 2019, the Oil Ministry said in statement on Saturday. The statement said the increase was largely the result of moves to increase output from Iraq's refineries, some of which have been rebuilt after being damaged by militant groups. Iraq uses most of the fuel it produces for domestic consumption, the statement said.
GBP/USD retreated from a one-week high yesterday and is nearing support from a rising trend channel. If the pair fails to hold here, it will trigger a bearish flag pattern.
The global energy market is comprised of 3-distinct groups. The producers search for energy which includes crude oil and natural gas. The consumer uses the end product that is created for them by the refiner. The refiner’s role in the process is very important and sometimes is lost when traders evaluate the energy sector.
Following the selloff at the onset of the week, US equities rebounded while Asian equities saw a mixed start to the day.
Russian oil products are making their way to sanction-stained Venezuela, affording a reprieve for the Latin American nation as it battles persistent fuel shortages.
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.