Petroleum industry
The Environmental Protection Agency's (EPA) decision to deny Wisconsin's request to postpone the implementation of the reformulated gasoline (RFG) program has led to a surge in gasoline trading. Despite the initial optimism, traders liquidated long positions ahead of the March contract's expiration, causing gasoline
Petroleum industry
The Environmental Protection Agency's (EPA) continued delays on the reformulated gasoline (RFG) program created uncertainty in the market, but ultimately led to an increase in crude and gasoline futures on the New York Mercantile Exchange (Nymex) on Friday. March gasoline futures settled at 58.76/gallon, up 0.
Petroleum
Crude oil prices took a steep drop on the New York Mercantile Exchange (Nymex) due to forecasts of increased output from Norway, outweighing continued cold weather in the Northeast and technical indicators suggesting a rise in crude prices. The news sent light, sweet crude futures plummeting to $18.59 per
Petroleum
In a move that buoyed the market, the New York Mercantile Exchange (Nymex) confirmed that it would maintain a 2.7% oxygen specification for its gasoline futures contracts, prompting a 1.4 cent increase for the Nymex March gasoline contract. The news came as traders breathed a sigh of relief
Petroleum
Washington's weekly report by the American Petroleum Institute (API) showed a decline in U.S. crude oil stocks for the week ended January 27, falling to 320.4 million bbl, a decrease of 1.3 million bbl from the previous week. This marks a 10.1 million bbl
Petroleum
Washington -- The futures contract for February delivery of gasoline on the New York Mercantile Exchange (Nymex) surged 1.55cts. to 57.76cts./gallon on Tuesday due to news about reformulated gasoline (RFG). The news from New Jersey Gov. Christine Todd Whitman that the state would phase in its new
Petroleum
The American Petroleum Institute (API) reported a decline in crude oil and gasoline stocks, while the Energy Information Administration (EIA) provided a less-drastic drop in crude stocks and an increase in gasoline stocks. According to weekly petroleum statistics, crude oil stocks fell by 1.9 million barrels to 336.3
Petroleum
The Canadian government has made a decision to extend its ethanol subsidies to 2005, aiming to boost ethanol consumption to 1% of total Canadian consumption. This move includes extending the tax exemption on ethanol-blended gasoline for another six years, from 1999 to 2005, with a $50 million government-guaranteed line of
Petroleum industry
Ethanol is gaining ground as a preferred alternative to methyl tertiary butyl ether (MTBE) in reformulated gasoline in the Midwest, driven by a significant price advantage. The federal government's 54 cents/gallon tax break on ethanol, combined with lower production costs, is making it an attractive option for
Petroleum industry
Futures prices for crude oil, gasoline, and heating oil on the New York Mercantile Exchange (Nymex) remained largely unchanged on Friday as traders took a breather ahead of the weekend. Despite forecasts of moderate weather, natural gas prices continued to decline, with January natural gas falling by 3.3 cents
Petroleum
Oil prices took a significant hit on Thursday, as crude and product futures on the New York Mercantile Exchange (Nymex) continued their downward trend. The January futures contract for light, sweet crude tumbled 26 cents to settle at $16.73 per barrel, while February crude dropped 23 cents to $16.
Petroleum
Following bullish inventory reports, gasoline and heating oil futures rebounded from recent plunges, pulling crude oil prices higher. The American Petroleum Institute's weekly survey revealed a significant 5.5 million bbl drop in product inventories, exceeding traders' expectations. The market responded positively, with gasoline futures rising 1.
