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Summary US avg. gasoline price set to dip to $2.99/gal by late Oct. Lower fuel prices could help Democrats in election Pump prices down sharply in competitive ‘swing states’ Wild Card: Hurricane Francine churns through oil patch (Reuters) – U.S. motorists should see gasoline prices fall below $3 a gallon for the first time in …
U.S. Gasoline Prices Set to Fall Under $3/gallon as Election Nears Read More »
U.S. manufacturing production has barely increased since before the pandemic, which explains why diesel consumption remains anemic and has not rebounded in line with expectations at the start of the year. Production increased by a faster-than-expected 0.9% in May after seasonal adjustments, but that followed back-to-back declines of 0.4% in April and 0.1% in March, …
U.S. Manufacturing Output has Flat-Lined, Dampening Diesel Use: John Kemp Read More »
By John Kemp (Reuters) – U.S. manufacturers are gradually emerging from a prolonged but shallow slowdown over the last two years, but progress has been fitful, and their consumption of diesel remains tepid, which is weighing on oil prices. The Institute for Supply Management’s manufacturing index slipped to 48.7 (22nd percentile for all months since 1980) …
U.S. Manufacturers in Halting Recovery but Diesel Use Tepid Read More »
Asian margins for the fuel have almost halved since February The drop in profits has come as a surprise: Wood Mackenzie Returns from making diesel have fallen sharply over the last few months as supply of the industrial and transport fuel has outpaced demand, spurring refiners to cut run rates and focus on producing gasoline …
Diesel in the Doldrums as Weak Demand Prompts Refiner Run Cuts Read More »
(Reuters) – Biodiesel and other renewable diesel fuel oils are displacing a small but growing volume of petroleum-derived distillate fuel oil in the United States, especially in California and other parts of the West Coast. The result of this policy-driven change is that manufacturing and freight activity is correlated with total petroleum and renewable fuel …
Renewable Fuels Take Bite Out of U.S. Diesel Consumption – John Kemp Read More »
(Reuters) – Profit margins for diesel are slumping as new refineries boost supplies and as mild weather in the northern hemisphere and slow economic activity eat into demand, putting oil prices under further downward pressure. The lower refining margins for diesel, one of the world’s key industrial and transport fuels, have already prompted some refiners …
Bear Market for Diesel Spells Fresh Troubles for Oil Read More »
(Reuters) – India’s fuel consumption fell 0.6% year-on-year in March, but demand for the 2024 financial year was up about 5%, primarily driven by higher automotive fuel and naphtha sales. Total consumption, a proxy for oil demand, totalled 21.09 million metric tons (4.99 million barrels per day) in March, down from 21.22 million tons (5.02 …
India’s Fuel Demand Hits New FY Record, up About 5% Read More »
U.S. manufacturers have finally pulled out of the long, shallow slump that started in the middle of 2022, which will support petroleum consumption especially for diesel and other middle distillates in the months ahead. The Institute for Supply Management’s purchasing managers index for the manufacturing sector climbed to 50.3 in March (34th percentile for all …
U.S. Manufacturers Emerge From Slump, Set to Boost Fuel Use: Kemp Read More »
Global trade flows have showed signs of accelerating at the start of 2024, as the major industrial economies began to pull out of the slump that started in late 2022, which should boost demand for transport fuels such as diesel. Short-term activity indicators have been distorted by unusual weather patterns across North America and Europe, …
Global Freight Acceleration Will Lift Fuel Prices: Kemp Read More »
By Deep Kaushik Vakil LONDON, Feb 26 – The United States has taken the top spot as Europe’s supplier of crude oil, diesel, and liquefied natural gas (LNG) in recent months, capitalising on reduced imports from east of Suez caused by shipping disruptions in the Red Sea. “The U.S. is in top position on basically …
U.S. Takes Lead as Top Supplier to Europe for Crude, Diesel and LNG Read More »
