Petroleum
As the driving season arrives, a combination of refinery troubles, labor issues, and inventory concerns has driven gasoline futures to a two-month high. The June contract on the New York Mercantile Exchange (Nymex) has risen 0.46 cents to 66.76 cents, with traders expecting prices to continue to climb.
Petroleum
Prices for gasoline futures skyrocketed to a three-year high on the New York Mercantile Exchange (Nymex) on May 16, 1995, reaching 66.3 cents per gallon. The record prices were largely attributed to the ongoing Brazilian oil workers' strike, which has significantly reduced oil imports and availability. The strike&
Petroleum
Crude oil futures prices have fallen to below $20/bbl for the first time in over two weeks, with analysts attributing the decline to large amounts of crude being imported to the US, as well as uncertainties in gasoline stocks. The June crude contract on the New York Mercantile Exchange
Petroleum
Unocal Corp. has filed a counterclaim in response to six major oil companies seeking to block its patent of reformulated gasoline (RFG). The patent, awarded in February 1994, covers many of the formulations that refiners might find practical to manufacture to comply with California Phase 2 RFG standards, which go
Petroleum industry
Energy prices rose across the board on President Clinton's pledge to ban all trade with Iran, blocking about $4 billion worth of Iranian crude supplies to U.S. companies. The increased demand for alternative oil sources and ongoing U.S. refinery problems fueled a surge in oil futures
Petroleum industry
The federal appeals court's decision to reject the Environmental Protection Agency's (EPA) mandate requiring refiners to use ethanol in reformulated gasoline (RFG) has sent shockwaves through the gasoline market. With the May gasoline contract on the New York Mercantile Exchange (Nymex) jumping 0.37 cents to
Petroleum
Crude prices on the New York Mercantile Exchange (Nymex) rebounded from the previous session's losses on the back of bullish inventory statistics and increased refinery runs. The June crude contract settled up 17 cents at $20.29 per barrel, despite the Iraqi Parliament's unanimous rejection of
Petroleum industry
The US Supreme Court is currently considering the Oklahoma State Tax Commission's lawsuit against the Chickasaw Indians, seeking to impose taxes on their gasoline sales. A joint brief filed by the Petroleum Marketers Association of America, the American Petroleum Institute, and the National Association of Convenience Stores argues
Petroleum
Despite a five-day rally, crude and product prices experienced a corrective dip on Monday, settling down due to a lack of news and quiet trading. The June crude futures contract on the New York Mercantile Exchange (Nymex) fell by 29 cents to $20.12/bbl, while the May gasoline contract
Petroleum industry
Washington D.C. briefly witnessed a reversal of early morning profit-taking on crude prices as the New York Mercantile Exchange (NYMEX) rebounded on afternoon short-covering. The June crude contract on NYMEX rose by 22 cents to settle at $20.41/bbl on its first day as the near-month contract, while
Petroleum
The American Gas Association (AGA) has withdrawn its support from the Domestic Fuels Alliance over concerns about the lobbying group's negative advertising campaign and its support of an anti-oil document. The Domestic Fuels Alliance promotes alternatives to imported oil, but AGA deemed two of the group's
Petroleum
Despite a small dip in gasoline futures prices, cash prices for gasoline remained stable on Friday, according to a Midcontinent-based trader. The tight supply and ongoing refinery difficulties, particularly at Sun Oil Co.'s and Koch Industries Inc.'s refineries, prompted cash traders to maintain strong prices. The
