Mid-Week Review – April 6, 2022
Oil prices fall after truce in Middle East conflict, petroleum reserve news
Oil prices fell at the start of Asian trade on Sunday, after the United Arab Emirates and the Iran-aligned Houthi group welcomed a truce that would halt military operations on the Saudi-Yemeni border, alleviating some concerns about potential supply issues. The early losses this week come after oil prices settled down around 13% last week – their biggest weekly falls in two years – when U.S. President Joe Biden announced the largest-ever U.S. oil reserves release.
U.S. Gasoline Price Shock’s Roots Go Deeper Than Crude’s Surge
America’s drivers are being squeezed at the pump, and the root cause is surging oil prices. But that’s not the whole story. Gasoline prices rise and fall with the price of crude, though not always in sync or to the same extent. Add to that: taxes, refining costs, and distribution and marketing costs. On Wednesday, executives from six oil companies will testify before Congress to help provide clarity on the economics of the record-high prices.
Mobile Fuel Delivery Is The Next Big On-Demand Opportunity Say Leaders
As on-demand services continue to grow in popularity, particularly since the start of the pandemic, people are looking for the next Uber or Grubhub to make their lives less complicated. And as everyday services and products such as transportation, groceries, and food takeout have increasingly become available on-demand, mobile fueling is poised to be the next major growth story in the space. With 95 percent of vehicles manufactured in 2020 powered by gasoline, this essential fuel will continue to be part of our daily lives for many years to come.
Boris Johnson calls on Russians to ‘find the truth;’ Zelenskyy says Russia must be brought to justice
Ukraine President Volodymyr Zelenskyy has pledged to pursue allegations of war crimes against Russian forces in occupied regions of the country. Zelenskyy said that more than 300 people were killed and tortured in the town of Bucha, a suburb near the capital of Kyiv, reflecting on what he described as a “hard and emotional” day after visiting the area. Russia has denied the allegations, without providing evidence. Zelenskyy on Tuesday addressed an emergency meeting of the United Nations Security Council and called for a Nuremberg-style tribunal to investigate and prosecute war crimes in Ukraine. He said the Russian military “must be brought to justice immediately” for their crimes in Ukraine.
This article is part of Daily Market News & Insights
Tagged:
MARKET CONDITION REPORT - DISCLAIMER
The information contained herein is derived from sources believed to be reliable; however, this information is not guaranteed as to its accuracy or completeness. Furthermore, no responsibility is assumed for use of this material and no express or implied warranties or guarantees are made. This material and any view or comment expressed herein are provided for informational purposes only and should not be construed in any way as an inducement or recommendation to buy or sell products, commodity futures or options contracts.
