World Oil Bloomberg) — Russian refiners are trimming their output, threatening to exacerbate a European diesel market already in short supply, Gunvor Group Chief Executive Officer Torbjorn Tornqvist said. “This is a global problem but for Europe it’s very hard because Europe is so short” of diesel, Tornqvist said at the Financial Times Commodities Global Summit. Diesel is still flowing
US News A surge in U.S. retail gasoline prices to record highs has prompted governors and lawmakers in several states to consider slashing their fuel taxes and to ramp up pressure on the federal government to do the same. The push reflects worries in state governments that the rapid spike in fuel costs could hurt motorists and chill local economies,
World Oil (Bloomberg) –The gasoline market is painting a picture of tight supplies this summer — the last thing Joe Biden will want to see as he tries to contain high fuel prices. On the New York Mercantile Exchange, futures contracts for gasoline are in an increasingly bullish structure called backwardation. They show that those who trade the fuel expect
Fox Business President Biden on Wednesday called for the Federal Trade Commission to probe whether oil and gas companies are engaging in criminal conduct by profiting from artificially high prices at the pump, even as wholesale fuel costs decline. Biden – under mounting political pressure with inflation at the highest rate in more than three decades – urged FTC Chair Lina Khan in a
Nasdaq HOUSTON, Nov 15 – Workers locked out of their jobs at an Exxon Mobil XOM.N oil refinery this week begin casting ballots in a vote that will decide the fate of the United Steelworkers union (USW) at their Texas plant. Exxon locked out union members from the 2,700-acre Beaumont, Texas, refinery and oil packaging plant on May 1 after failed
World Oil (Bloomberg) –One hour after U.S. government data showed on Wednesday that American inflation had soared to a 31-year high, President Joe Biden vowed to fight the surge as “a top priority.” Key to his administration’s response, Biden said in a statement, would be addressing the rising cost of energy — what he described as “the largest share of
Reuters Marathon Petroleum Corp signaled on Tuesday that a sustained rally in natural gas prices could take a toll on earnings, sending the largest U.S. refiner’s shares down 4%. The warning comes after U.S. natural gas prices soared more than 60% in the third quarter — translating into higher costs since natgas is used to power refining operations — as sky-rocketing global
World Oil (Bloomberg) –European gas futures continued their march upwards on Thursday, even after Russia pledged to deliver as much supply as the continent needs. Europe’s largest gas supplier is ramping up deliveries in line with requests from customers and is “prepared to discuss any additional steps” to stabilize the market, President Vladimir Putin said on Wednesday. He blamed the
World Oil MOSCOW (Bloomberg) – Russia is ready to deliver all of the natural gas that Europe needs, said President Vladimir Putin, blaming the continent’s current energy crisis on flawed policies rather than a lack of supply. Europe’s largest gas supplier is raising deliveries in line with requests from its customers and is “prepared to discuss any additional steps” to
Bloomberg President Joe Biden is under intensifying pressure to keep a lid on rising gasoline and natural gas prices that threaten the economic recovery and Democrats’ political ambitions. But he has little power to control global energy markets. “The toolbox is actually pretty limited,” said Kevin Book, managing director of research firm ClearView Energy Partners. “The U.S. government doesn’t have
Nasdaq MOSCOW – European gas prices surged to all-time highs on Friday as Russia kept a tight lid on supply, signalling further price pressures on European consumers heading into the winter heating season. Russian gas supplies via the Yamal-Europe pipeline fell on Friday by almost 77% from Thursday, according to data from grid operator Gascade, as Kremlin-controlled Gazprom GAZP.MM booked only a
NY Post The White House is pressuring OPEC and its allies to boost oil production in a bid to tackle rising gasoline prices — despite imposing tighter restrictions on US oil companies last year. Biden’s National Security Advisor Jake Sullivan issued a statement on Wednesday urging OPEC — the Organization of the Petroleum Exporting Countries — to move faster to restore
