Oil and Gas 360 After years of delays and running $7 billion over budget, Pemex’s CEO says the company’s new Dos Bocas (Olmeca) 340,000 bpd refinery will reach maximum production by the end of March. The new refinery will produce 170,000 bpd of gasoline and 120,000 bpd of ultra-low sulfur diesel, increasing Pemex’s fleet-wide output forecasts by 60% to 1.05
Nasdaq The White House will approve a request from a group of Midwest governors to allow year-round sales of gasoline with higher blends of ethanol, but will push the start date into next year, two sources familiar with discussions said. The decision will likely be bittersweet for the biofuel industry, which wants to expand sales of corn-based ethanol but might
Oil Price The U.S. national average price per gallon of gasoline could decline to under $3 for the first time since 2021, amid sluggish demand, GasBuddy’s Patrick De Haan said on Monday. Gasoline prices have fallen for the second straight week, down 3.8 cents from a week ago to $3.03 per gallon as of Sunday. Compared to a month ago, the
Oil Price Ford said on Thursday that half of all 1,550 Ford dealers chose to sell electric vehicles in 2024—down from two-thirds that said this time last year that they would opt in to sell EVs for 2023. The other half of Ford dealers will sell—and service—ICE and hybrid models. “EV adoption rates vary across the country, and we believe our
Yahoo Finance HOUSTON – Oil prices fell by 2.5% on Wednesday, as a bigger-than-expected rise in U.S. gasoline inventories worried markets about demand and outweighed a draw in crude stocks. Brent crude futures fell $1.96, or 2.53%, to $75.27 a barrel by 10:58 a.m. ET (1558 GMT). U.S. WTI crude futures fell by $2.19, or 3.03%, to $70.14 a barrel. U.S.
Oil Price The U.S. gasoline crack spread – a leading refining profitability indicator – slumped in October to the lowest level in nearly three years amid seasonally weaker American gasoline demand and the switch to the cheaper winter-grade gasoline, the Energy Information Administration said on Wednesday. In October, the crack spread, or the difference between the price of a wholesale petroleum product
Nasdaq BUENOS AIRES – Argentina’s fuel crisis deepened on Monday as filling stations around Buenos Aires ran out of petrol and long queues formed elsewhere, while the government said it could halt exports to preserve supplies and oil sector workers threatened a strike. The South American country, a major shale oil and gas producer, has suffered shortages of petrol and
Nasdaq WASHINGTON – U.S. oil refiners have cranked up output of diesel, heating oil and jet fuel for winter but are struggling to turn a profit because gasoline margins have fallen over 80% since the summer driving season ended. Refiners, which typically produce more distillates such as diesel and heating oil in autumn, are trying to rebuild inventories of these
Oil Price The average retail price of regular gasoline in the United States has risen by 6% over the past five weeks heading into the Labor Day weekend, the U.S. Energy Information Administration (EIA) said on Thursday. On the Monday before the Labor Day weekend, August 28, 2023, the retail price of regular gasoline averaged $3.81 per gallon across the U.S. Prices have increased
Oil Price Despite the Western sanctions, Russian oil companies boosted their gasoline exports by 37% between January and May compared to the same period in 2022, Russian daily Kommersant reported on Friday, citing sources familiar with the data. The Russian Energy Ministry last month asked oil companies to reduce their exports and raise supply on the domestic market, according to Kommersant’s sources.
Oil Price Crude oil prices are set to finish off the week in the green on hopes that China’s zero-Covid policy shedding will mean a boost in economic growth and oil demand—and it’s carrying gasoline prices right along with it. Brent crude oil was trading up 0.51% on the day at 8:36 am ET at $86.58 per barrel—up from
Oil Price Inflation-adjusted average U.S. gasoline prices ahead of Thanksgiving are up by 7.5% compared to the same time last year, in line with the overall rise in consumer prices, the U.S. Energy Information Administration (EIA) said on Wednesday. U.S. consumers paid on average $3.65 per gallon at the pump for regular gasoline on November 21, the Monday before Thanksgiving. This is
