Gas Prices Continue to Skyrocket in Tri-Cities
Some so called experts are blaming virtually all of the gas price hikes on the recent spate of bad Texas and midwest weather, which saw many refineries grind to a halt.
However, it s more complex than that. Despite what investopedia.com calls the COVID effect in 2020, during the last four years the U.S. became energy independent for the first time in about 75 years. Prices were low, reasonable. The Investopedia.com report was dated January (updated) 25th 2021.
However, along with supply and demand, and yes, the bad weather and refiniers, oil markets are
Oil Makes Modest Gains On Strength Of Another Massive Gasoline Draw
by Ship & Bunker News Team
Wednesday March 10, 2021 Oil eked out modest gains on Wednesday, spurred by yet another massive drop in
U.S. gasoline inventories but capped by a surge in crude inventories following February s
Texas freeze.
11.9 million barrels last week compared to expectations of a 3.5 million barrel drop, while crude stocks jumped
13.8 million barrels last week compared to forecasts for a 816,000 barrel rise.
$67.90 per barrel, gaining
$64.44 per barrel, rising
Europe, Fujairah, and Japan, in addition to the U.S. - built for the first time in 6 weeks last week, by
Platts Changes Course on Change to Dated Brent Crude Benchmark
by Ship & Bunker News Team
Thursday March 11, 2021 Price reporting agency
Dated Brent crude oil benchmark after criticism over the impact it might have. The company had previously announced plans to convert the benchmark into an assessment of crude deliveries in
Rotterdam from North Sea terminals. Platts is now inviting further consultation on the plan, it said in a statement on its website on Wednesday. Since changes to the complex were announced in February, we received extensive feedback from market participants in support of introducing WTI Midland into the basket but there is not agreement on how it would be fully reflected into the wider Brent complex, the company said.
The Organisation of Petroleum Exporting Countries is looking for a “fair” price for its crude, Saudi Arabia’s Foreign Minister, Prince Faisal bin Farhan said this week after a meeting with his counterpart from Russia, Sergey Lavrov