WTI crude oil prices fell to their lowest point since early February on Thursday, giving up virtually all gains since Russia invaded Ukraine. WTI crude for September delivery tumbled -1.5% to close at $89.26/bbl while Brent crude for October delivery fell -2.1% to $94.71/bbl. WTI crude has lost ~9.5% over the course of the week, … Read more
By Charles Kennedy – Aug 04, 2022, 11:00 AM CDT German unit of refiner OMV: There is a run on fuels such as diesel and heating oil in the southern parts of Germany. Critically low water levels of the river Rhine constrain supplies. Due to the low levels on the Rhine, OMV Group has ramped … Read more
US refiners say there is no indication across their channels that America’s fuel demand is weakening, contrary to recent data about gasoline consumption. The weekly inventory reports from the EIA at the beginning of July pointed to faltering demand after nationwide gasoline prices hit an average of $5 a gallon in the middle of June. … Read more
Enbridge Inc. logo on display at the company’s annual meeting in Calgary, Thursday, May 12, 2016. THE CANADIAN PRESS/Jeff McIntoshJeff McIntosh/The Canadian Press Enbridge Inc. ENB-T is investing US$1.5-billion for a 30-per-cent stake in the Woodfibre LNG terminal in British Columbia, hoping to bolster the long-delayed project that needed a deep-pocketed investor to help export … Read more
The spread between Brent crude oil prices and West Texas Intermediate (WTI) hit its widest level in over three years on Monday, with WTI down more than $8 compared to Brent as US gasoline demand falls. Brent crude was trading at $104.8 on Monday 11:41 EST, while WTI was trading at $96.12, representing a spread … Read more
A popular Chinese-made automotive GPS tracker used by individuals, government agencies and companies in 169 countries has severe software vulnerabilities, posing a potential danger to life and limb, national security and supply chains, cybersecurity researchers have found. A report by the Boston cybersecurity firm BitSight says the flaws could let attackers remotely hijack device-equipped vehicles, … Read more
While gasoline prices are still $1.50 higher per gallon than they were this time last year, they fell sharply overnight in what was the largest one-day drop in nearly 15 years, according to AAA data. The current price for a gallon of gasoline in the United States is averaging $4.721 on Friday, down from $4.752 … Read more
Commodity price hedging is a popular trading strategy frequently used by oil and gas producers as well as heavy consumers of energy commodities such as airlines to protect themselves against market fluctuations. During times of falling crude prices, oil producers normally use a short hedge to lock in oil prices if they believe prices are … Read more
India has initiated a windfall tax on the country’s oil producers and oil refiners who are exporting more due to the high international price of crude oil and refined products, Reuters said on Friday. India’s windfall tax will be 23,250 rupees per ton on oil producers and 6 rupees per liter on gasoline and jet … Read more
The United States will reassess additional releases of crude oil from the nation’s Strategic Petroleum Reserves, White House Envoy Hochstein said on Wednesday, as the Administration struggles to rein in high prices at the pump. The Administration has already vowed to release a million barrels of crude oil from the stockpiles every day into the … Read more
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