Diesel inventories have fallen to historic lows, and this week’s meager gain in diesel stocks doesn’t undo months of declining supplies. Fuel prices are at historic levels, trading at hefty premiums above already elevated crude costs. Those premiums, called “crack spreads”, should incentivize refiners to produce more fuel. Indeed, refiners have been producing at over […]
Market volatility has become the rule, not the exception, and this week has continued that trend. This week, fortunately, volatility has been (somewhat) in consumers’ favor. Crude oil ended the week roughly in line with Monday’s opening price, but diesel and gasoline both saw lower prices later in the week. News has been mounting of […]
Source: EIA’s Today in Energy, May 17 The price of Brent crude oil, the world benchmark, has increased in 2022, partly as a result of Russia’s full-scale invasion of Ukraine. In addition, a strong U.S. dollar means that countries that use currencies other than the U.S. dollar pay more as crude oil prices increase. Since […]
This morning the EIA reported a meager 1.2-MMbbl build for diesel inventories – a small victory given historically low diesel inventories. Oil markets appear to be celebrating the news this morning, with fuel prices down roughly 15 cents following the morning report. Both gasoline and diesel have moved away from the $4/gal threshold, though a […]
This morning oil hit a seven-week high as ongoing disruption in the East continues with the European Union’s push for a complete ban on Russian oil. With the continued supply chain pressure, many are now concerned about what will come from Finland’s official request to join NATO. Today crude oil is up from $1.01 to […]
Last week ended with a huge increase in gasoline prices, propelling the lighter hydrocarbon above diesel fuel costs for the first time since September 2021. Typically, gasoline prices climb in April as summer gasoline formulations become required, but diesel prices have been so elevated that gasoline’s gains have seemed meager by comparison. With US gasoline […]
Fuel prices have seesawed this week, falling towards the beginning of the week but recapturing losses later on. This week, many headlines have focused on fears of a recession. With energy prices squeezing budgets – both corporate and private – and interest rates going up, there’s a real concern that the economy could suffer. Recessions […]
In FN’s new “What’s the Word” segment, we’ll learn from Mansfield’s Supply Team what’s driving fuel prices right now. Today’s FUELSNews commentary comes from Mansfield Supply SVP Andy Milton, writing about this week’s continued trend of falling US fuel inventories. Even with refinery utilization bouncing higher again, diesel has yet another inventory draw – although […]
Yesterday the EIA released its monthly Short-Term Energy Outlook, or STEO, to provide guidance on energy market fundamentals. Notably, the agency revised total world oil production down by .5 million barrels per day (MMbpd) compared to their April report, leaving demand mostly unchanged. The downward revision comes mainly from reduced Russian output, which they reported […]
Several years ago, a branch of the United Nations passed an environmental regulation requiring marine vessels to reduce their sulfur emissions. This obscure policy change – which exploded in the literature around 2019 – was known as IMO 2020. At the time, FUELSNews covered the change in detail, since the change was forecast to cause […]
