California, which has the highest gas prices in the nation, has reached $3.89 for a gallon of gas. Gas prices continue to climb upward, spurred higher due to the turmoil in Libya, with crude oil prices moving above $106 per barrel in overnight trading, marking a two-and-a-half year high. The national average price for a [...]
Sunoco’s existing retail marketing and logistics operations in Ohio and neighboring states are not impacted by the sale. Sunoco Inc. has completed the previously announced sale of its refinery in Toledo, Ohio to Toledo Refining Company LLC, a wholly owned subsidiary of PBF Holding Co. LLC for approximately $400 million (consisting of $200 million in [...]
Brian L. Milne, Refined Fuels Editor, Telvent DTN Wholesale gasoline costs were pumped higher by a sharp advance in New York Mercantile Exchange oil futures during the first week of November, with crude values spiking to a better than two-year high after the Federal Reserve announced a monetary policy aimed at spurring economic growth. NYMEX [...]
By Brian L. Milne, Refined Fuels Editor, Telvent DTN A relatively quick return, just over a week, in pipeline deliveries on Energy Partners, L.P.’s Lakehead system after it was shut on Sept. 9 due to a leak pressured wholesale gasoline costs through today, especially in the Midwest. Enbridge was forced to shut a key pipeline [...]
United Refining Co. has temporarily reduced its Warren, Pa., crude processing until a crude line operated by Enbridge’s Lakehead System in Kalamazoo, Mich., can be repaired. On July 26, a leak was detected in the Line 6B pipeline on Enbridge’s Lakehead System in Michigan and was subsequently shut down. In response to the partial reduction [...]
Utah regulators have cited Chevron Corp. for a pipeline leak that sent 33, 000 gallons of crude oil into Salt Lake City’s Red Butte Creek last month, the Associated Press reported. Much of the oil collected in a pond at the city’s Liberty Park and, according to regulators, oil traveled downstream into the Jordan River. [...]
Crude oil prices remained steady above $76 per barrel on the New York Mercantile Exchange on Friday, June 25, according to United Press International. July delivery crude oil prices added 27 cents to $76.78 per barrel, while heating oil prices for July delivery added 0.0076 cents to $2.0648 per gallon. Reformulated gasoline blendstock prices added [...]
By Brian L. Milne, Refined Fuels Editor, Telvent DTN Gasoline futures known as RBOB (Reformulated Blendstock for Oxygenated Blending) that trade on the New York Mercantile Exchange tumbled 35cts or 14 percent from a 19-month high reached on May 3 to May 17, capping the uptick in retail prices ahead of the unofficial kickoff to [...]
BP increased the estimated cost of its Gulf of Mexico oil spill to $450 million Thursday, after it released a video showing oil and gas pouring from its well a mile beneath the ocean’s surface, MarketWatch reported. BP released the video to the public late Wednesday, more than three weeks after the Deepwater Horizon drilling [...]
BP increased the estimated cost of its Gulf of Mexico oil spill to $450 million Thursday, after it released a video showing oil and gas pouring from its well a mile beneath the ocean’s surface, MarketWatch reported. BP released the video to the public late Wednesday, more than three weeks after the Deepwater Horizon drilling [...]
By Brian L. Milne, Refined Fuels Editor, Telvent DTN On the first business day of May, the gasoline futures market which is used as a benchmark in pricing gasoline in the wholesale physical market, spiked to a 19-month high. Three days later on May 6, the gasoline futures contract tumbled 34.57 cents or 14.2% from [...]
Chevron Corp. has reported earnings of $4.55 billion ($2.27 per share – diluted) for the first quarter 2010, compared with $1.84 billion ($0.92 per share -diluted) in the 2009 first quarter. Results in the 2009 period included gains of approximately $400 million ($0.20 per share) from downstream asset sales. Foreign-currency effects reduced earnings in the [...]
By Brian L. Milne, Refined Fuels Editor, Telvent DTN Gasoline prices at retail outlets across the country are again moving higher after the uptrend briefly stalled in several metropolitan markets with a downturn in wholesale costs. However, wholesale gasoline costs are again on the march higher, pushed up primarily by a bullish market sentiment. There [...]
In the first quarter of 2010, Valero Energy Corp. reported a loss of $101 million from continuing operations (or $0.18 per share) compared to the first quarter of 2009 gain from continuing operations of $364 million ($0.70 per share). The first quarter 2010 operating loss was $32 million, versus first quarter 2009 operating gain of [...]
Brian L. Milne, Refined Fuels Editor, Telvent DTN Nationally, the average price for regular grade gasoline spiked to a $2.858 gallon 17-month high on April 12, according to the Energy Information Administration which surveys for this information, and wholesale costs have increased in most of the country’s metropolitan markets since. Those wholesale cost increases will [...]