Welcome to our continuing FUELSNews series: What Is It Wednesday. Each week, we’ll pick a fuel industry topic to explain, so you can learn more about the market and what drives it. Want to suggest a topic? Email the author, Alan Apthorp, at aapthorp@mansfieldoil.com. If diesel is the hero of the transportation fuels world, then […]
The diesel crisis continues even as gasoline markets are slumping. OPEC+ barely moved to increase its output goal, keeping global markets tight. And the US and Iran are heading back to the negotiation table, following the US tightening sanctions. Let’s unpack the day’s news. Yesterday, the EIA published its weekly report which showed a headline […]
Yesterday saw the entire petroleum complex close significantly lower. Crude oil fell by nearly $5/bbl, and fuel prices saw roughly 10-cent losses. One could say that prices are actually down much more. On Friday, gasoline closed at $3.49 when the August future contract expired; yesterday, the September contract closed at $2.99. That’s a 50-cent drop […]
Oil markets are seeing large losses this morning as economic concerns continue to weigh. While US economists are still debating on whether the US is in a recession, data from other countries show more concrete evidence of a weakening landscape. A new report from S&P Platts shows that European manufacturing contracted in July for the […]
Fuel prices rallied this week, contrasting the gloomy economic news reported. Despite GDP contracting 0.9% in the second quarter, fuel prices are ending the week on a high note. Crude is back above $100/bbl – though just barely – and fuel prices are hitting their highest level in weeks. Particularly on the diesel front, prices […]
After a cyberattack caused the nation’s largest pipeline to shut down over 5,500 miles of distribution infrastructure, Colonial Pipeline (CPL) is back up and has resumed normal operations. The company was forced to shut down the pipeline on Friday, May 7th, and, after of week of restoring capacity, is now delivering millions of gallons of […]
The oil complex remains flat this morning following last Wednesday’s $3/bbl rally; WTI crude has traded close to the $63/bbl level for four consecutive sessions. Gasoline remains above $2/gal, while diesel prices are hovering around $1.89. COVID cases continue falling in the US but rising elsewhere, keeping markets in limbo until vaccine programs gain traction […]
Oil markets are rallying this morning despite an absence of “new” news to provide incremental tailwinds. Indeed, the news may even be considered as a bearish factor, with Tokyo and Quebec each enacting restrictions to curb new COVID-19 cases. But the scale of the news this week has been lifting financial markets across the board, […]
Yesterday brought a sharp break from the oil market’s earlier stability. Crude prices shed over $1/bbl as several companies, including Wells Fargo and United Airlines, announced employee layoffs following a dismal jobs report. Unemployment claims have fallen precipitously from their March peak but remain double the highs of the 2008-09 recession. Rising coronavirus cases in […]
In Asia, Europe, and the Middle East hundreds of new cases of the coronavirus, COVID-19, have been reported. The virus has been found in about 30 countries. In the US, the Center for Disease Control warned of the inevitable outbreak of the virus. The organization is preparing for “severe” disruptions to daily life in the […]
