Refined Products Archives - Page 11 of 32 -

U.S. energy secretary to meet with refining executives over soaring pump prices, sources say

June 16, 2022

CNBC U.S. Energy Secretary Jennifer Granholm is expected to meet with refining executives on June 23 as tensions between the White House and the oil industry mount over soaring gasoline prices, sources familiar with the matter told Reuters. The planned talks come as President Joe Biden, under pressure over high gasoline prices, has demanded that oil refining companies explain why they are

Gasoline prices top $5 a gallon nationally for the first time and are likely headed higher

June 13, 2022

CNBC The average price for a gallon of unleaded gasoline rose above $5 nationally for the first time due to increased demand from the economy reopening from the pandemic and depleted oil supplies stemming in part from the war in Ukraine. Prices look set to continue rising into the summer months, analysts said. According to AAA, the average national price reached

Oil jumps to 13-week high on rising U.S. gasoline demand

June 10, 2022

Yahoo Finance NEW YORK – Oil prices jumped over 2% to a 13-week high on Wednesday as U.S. demand for gasoline keeps rising despite record pump prices, while expectations that China’s oil demand will increase faced growing supply concerns in several countries, including Iran. Iran said it was removing two International Atomic Energy Agency surveillance cameras at a uranium enrichment

Oil gains on tight supply as U.S. driving season looms

May 23, 2022

CNBC Oil prices reversed early gains and moved lower Monday, despite U.S. fuel demand, tight supply and a lack of progress towards a European ban on Russian oil, as Shanghai prepares to reopen after a two-month coronavirus lockdown that fuelled economic growth fears. Brent crude futures were down 0.4% at $112.09 per barrel U.S. West Texas Intermediate (WTI) crude slid 90 cents, or

Gasoline, diesel prices rise to another record amid rampant inflation

May 12, 2022

CNBC Retail diesel and gasoline prices climbed to another record high Thursday, as rampant inflation sends costs across the economy surging. The national average for a regular gallon of gasoline hit $4.418 on Thursday, according to AAA. The price is not adjusted for inflation. Prices had previously hit all-time highs on Tuesday and Wednesday. Consumers are now paying 32 cents per

U.S. retail gasoline prices hit new record, as refiners struggle to meet demand

May 10, 2022

Nasdaq Retail gasoline prices in the United States rose on Tuesday and hit another all-time record, surpassing one set in March, as global refineries grappled with a bottleneck that has sent prices soaring ahead of driving season. The average cost of a retail gallon of gasoline hit $4.374 early Tuesday, according to the American Automobile Association, surpassing the former record of $4.331.

Blast at illegal Nigeria oil refinery kills more than 100 people

April 25, 2022

World Oil (Bloomberg) — More than 100 people died in an explosion at an illegal oil refinery in southeastern Nigeria over the weekend, demonstrating the dangers associated with an illicit industry that thrives in the crude-producing region. The blast at a site in the Abaezi forest during the night of April 22-23 killed at least 110 people, said Ifeanyi Nnaji,

U.S. refiners set for strong start to 2022 as fuel prices surge worldwide

April 25, 2022

Nasdaq U.S. oil refiners expect strong first-quarter earnings as margins to sell gasoline and diesel strengthened due to a steep dropoff in refining capacity and crude oil supplies tightened because of Russia’s war with Ukraine. Refining capacity worldwide has dropped during the coronavirus pandemic, with several less profitable oil refineries closing in the last two years. However, worldwide fuel demand

For oil refiners, now is the summer of distillate content

April 21, 2022

Reuters Refiners are planning to spend the summer increasing jet fuel and diesel production instead of gasoline, traders and analysts said, favoring what have historically been the least profitable parts of the barrel instead of the most profitable. That is unusual and exemplifies the topsy-turvy nature of the global oil markets. Refining crude oil into diesel or jet fuel is

Russian oil refiners are cutting back production, Gunvor says

March 23, 2022

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

U.S. states weigh tax breaks to ease pain at the gas pump

March 10, 2022

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,

U.S. gasoline markets point to bad news for Biden this summer

January 13, 2022

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

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