China Cuts Gasoline, Diesel Retail Prices
China announced on Tuesday it would cut retail ceiling prices for gasoline and diesel for the second time in 2020 to reflect the decline in global oil prices, taking total cuts so far this year to around 10%.The National Development and Reform Commission said gasoline prices would be reduced by 415 yuan ($59.24) per tonne and diesel by 400 yuan.
U.S. Crude Output Up as Drilling Increases
U.S. crude oil production increased for the second consecutive month in November 2016, the first consecutive monthly increase since April 2015. Increased drilling activity in the Permian in Texas and New Mexico as well as the start of a number of new projects in the Federal Offshore Gulf of Mexico (GOM) more than offset declining production from other regions in the fourth quarter of 2016.
IEA welcomes Italy's Plan to Revisit Energy Strategy
In its latest country review of energy policies, the International Energy Agency praised Italy's comprehensive long-term energy strategy and the acceleration of its efforts to comply with 2020 goals on renewable energy, climate change and energy efficiency. The IEA's new report, Energy Policies of IEA Countries: Italy 2016 Review…
Colonial Pipeline Restarted Line 1 on Sunday
Colonial Pipeline said Line 1 began shipping gasoline between Houston and Linden, New Jersey, on Sunday morning for the first time since a deadly Oct. 31 explosion and fire near Helena, Alabama. The outage of Line 1, which can carry 1.3 million barrels of gasoline daily from the U.S. Gulf Coast to the New York area roiled wholesale…
Tanzania Hikes Retail Fuel Prices
Tanzania's energy regulator raised maximum retail prices of fuel on Saturday due to higher international crude oil and refined product prices, a move likely to exert upward pressure on inflation. Fuel prices have a big effect on the east African country's inflation rate, which slowed to 4.5 percent year-on-year in September from 4.9 percent the previous month.
Bulgaria Watchdog Accuses Six Firms of Price-Fixing
Bulgaria's anti-monopoly commission on Monday accused six oil companies operating on its retail fuel market of involvement in cartel agreements on fuel prices. The commission said Lukoil Bulgaria, part of LUKOIL , Shell Bulgaria, part of Royal Dutch Shell, OMV, Eko Bulgaria, a unit of Hellenic Petroleum , Petrol and Nis Petrol…
Colonial Expects Wednesday Gasoline Line Restart
Colonial Pipeline Co said on Tuesday it expects to restart its main gasoline line on Wednesday after its biggest leak in nearly two decades which led to a surge in prices at the pump and long lines in the southeast United States. The leak, discovered by a mining inspector who detected a gasoline odor in Helena, Alabama on Sept.
India's IOC Cut Diesel Prices by 0.8%
Indian Oil Corp (IOC) will cut the price of diesel by 0.8 percent from Saturday and that of gasoline by 3.5 percent, reflecting changes in global fuel prices, the company said in a statement. India's three state-run oil companies, IOC, Bharat Petroleum Corp Ltd and Hindustan Petroleum Corp Ltd, tend to adjust retail prices of fuels in concert.
Britain's Wholesale Gas Will Remain Cheap
UK gas prices to fall further into summer; Gas to oust coal as leading power plant fuel. British utilities are set to benefit from low wholesale gas prices this summer and beyond even if power companies opt to do a lot more switching from coal to gas to fuel their plants. British wholesale gas prices have fallen over 40 percent in the past year…
India's Fuel Demand Rose in November
India's fuel demand rose 6.4 percent in November compared with the same month last year, driven by higher sales of gasoline as discounts and festive season buying boosted passenger vehicle sales. Consumption of fuel, a proxy for oil demand, totalled 14.8 million tonnes, data from the Petroleum Planning and Analysis Cell (PPAC) of the oil ministry showed.
Kemp: Low U.S. Gasoline Prices are Supercharging Fuel Sales
As the summer driving season ends, U.S. gasoline prices have fallen to the lowest level for the time of year since 2004, wiping out the effect of more than a decade of rising fuel bills. The average retail price of gasoline across the United States was just $2.53 per gallon on Monday, including federal, state and local taxes, according to the U.S. Energy Information Administration.
Asian Consumers Missing Out on Price Drop
Conventional wisdom is that falling oil prices provide significant economic stimulus, but many Asian countries appear to be missing out on much of the benefit. While Brent crude has dropped 51.7 percent in the past 12 months, the retail prices of gasoline and diesel in major countries across the region haven't fallen by anything like as much.
Vietnam Raises Retail Petrol Prices, Cuts Oil Import Taxes
Vietnam raised retail petrol prices on Wednesday to match global oil prices but cut import tariffs on some oil products in an effort to trim prices and support businesses, its trade and finance trade ministries said. Import duty on diesel was cut to 10 percent from the 12 percent set on May 4, while tax on kerosene fell 7 percentage…
U.S. Biofuel Lobby Gains Momentum
In a long-running battle between oil refiners and the U.S. farm lobby over the future of ethanol fuel, biofuel producers may have just made a small, but important dent in big oil's formidable defenses. Over the past few months, privately held retailers Kum & Go and Sheetz have become the first significant chains to announce plans to start selling E15…
Tanzania Cuts Fuel Prices for Six Months in a Row
Tanzania slashed retail prices of petrol, diesel and kerosene for the sixth straight month on Wednesday citing lower import costs, the energy regulator said, in a move likely to further ease inflationary pressures. Fuel costs are the second-biggest drivers of commodity price moves in the country after food. The Energy and Water…
U.S. West Coast Gasoline Prices Soaring
Retail prices for regular gasoline in West Coast states rose a record 37.2 cents a gallon since last week to $3.12 a gallon on Monday, the U.S. Energy Information Administration (EIA) said. The increase marks the largest week-to-week increase in the region since the EIA's weekly survey of West Coast prices began in 1992, the government agency said.
Boost to Asian Refining Margins Will Fade
One of the persistent themes in the letter pages of my local newspaper is why, if crude oil prices have halved in the past eight months, am I still paying so much for petrol to fill my car? The writers invariably see some conspiracy involving price-gouging by fuel retailers, refiners and the government, and want somebody, anybody, to take action to end the injustice.
US Oil Output Growth to Slow in 2016
U.S. domestic oil output is expected to grow only 2.2 percent in 2016, the slowest pace in years as dropping prices have slowed the country’s shale boom. The U.S. Energy Information Administration (EIA) short-term energy outlook showed that December was the sixth consecutive month in which monthly average Brent prices decreased…
US Justices Weigh Antitrust Lawsuits Related to Energy Crisis
The U.S. Supreme Court on Monday wrestled with the question of whether a federal law governing the natural gas market would allow energy companies to evade state antitrust claims made over the western U.S. energy crisis between 2000 and 2002. The court appeared divided during oral arguments in the case, with the liberal justices…
Spot Prices Fall on Less Demand, Weather, More Renewables
Forecasts for lower electricity demand over the weekend, higher temperatures and a pick-up in renewable power supply sent central and southeastern Europe spot power prices lower on Friday, traders said. On regional exchanges, Czech and Slovak electricity for delivery on Saturday declined more than 24 percent to 33.48 euros ($41.63) per megawatt-hour (MWh)…
