Space Industry and Business News  
OIL AND GAS
Refinery issues again pull on retail gasoline prices
by Daniel J. Graeber
Washington (UPI) Nov 3, 2015


Oil tries its hand at a rally
New York (UPI) Nov 3, 2015 - Crude oil prices recovered some lost ground in early Tuesday trading, though outlooks remain uncertain moving into the fourth quarter.

The price for Brent crude oil gained 0.7 percent just before the opening bell in New York to $49.19 per barrel. West Texas Intermediate, the U.S. benchmark price for crude oil, gained 1.1 percent in early trading to $46.66 per barrel.

Crude oil prices are moving lower because an overall increase in production and a general lack of global economic growth is pushing markets toward the supply side. Crude oil prices lost ground Monday after Russia reported an increase in production at the same time that China reported signs of economic contraction.

Russian Central Bank Chief Elvira Nabiullina said Tuesday the market for crude oil is undergoing a structural transformation and oil prices should stay low "for a long period of time."

Crude oil prices could face further pressure from additional supplies from Iran, which said this week it was in talks with major European energy companies about post-sanctions activity.

One week ago, the World Bank said it was lowering its full-year forecast for crude oil prices by $5 per barrel to $52 per barrel. John Baffes, a senior commodities researcher for the bank, said higher inventories of crude oil in storage, coupled with weaker demand, should keep oil prices "persistently low."

Tuesday's early rally may be short-lived as markets await data on U.S. inventories from the American Petroleum Institute and, later, from the U.S. Energy Information Administration. Data show consistent builds in U.S. crude oil inventories, with API reporting an increase of a little more than 7 million barrels last week.

The average retail price for gasoline in the United States was again skewed higher by refinery issues in the Midwest, motor club AAA said.

AAA reports a national average retail price for a gallon of regular unleaded gasoline at $2.19 for Tuesday, a slight increase from the previous day. The rise marks the end of nearly three consecutive weeks of declining gas prices.

Prices in the Midwest were elevated in September because of a refinery issue in Toledo, Ohio. In August, an outage at a BP refinery in Whiting, Ind., one of the nation's largest, pushed some retail prices above the $3 per gallon mark.

Again, the motor club said in its weekly retail market report the Midwest region has experienced "heavy" refinery maintenance because of higher production during the summer's peak driving season.

"Although some of the planned work is beginning to conclude, unplanned outages have further reduced supply and kept prices volatile in the region," AAA's report read.

A refinery in Joliet, Ill., operated by Exxon Mobil is the latest to report an unscheduled maintenance issue. Refinery issues in the region meant four states in the Midwest moved against the national tide with increases in gasoline prices, with Indiana and Ohio reporting prices at least 8 percent higher than last week at some service stations.

"Although refinery production rates are expected to return to normal in the next two months, unplanned outages could keep pump prices volatile in the region leading into the winter months, and possibly put a bit of upward pressure on the national average in the near term," AAA's report said.

Nine states were reporting an average price for gasoline below $2 per gallon. South Carolina had the lowest state average in the nation at $1.88 per gallon.

Recent reports from AAA said the average price for a gallon of gas should be at or below the $2 mark across the country by the end of the year. The national average price is at its lowest for this date in 11 years.


Thanks for being here;
We need your help. The SpaceDaily news network continues to grow but revenues have never been harder to maintain.

With the rise of Ad Blockers, and Facebook - our traditional revenue sources via quality network advertising continues to decline. And unlike so many other news sites, we don't have a paywall - with those annoying usernames and passwords.

Our news coverage takes time and effort to publish 365 days a year.

If you find our news sites informative and useful then please consider becoming a regular supporter or for now make a one off contribution.
SpaceDaily Contributor
$5 Billed Once


credit card or paypal
SpaceDaily Monthly Supporter
$5 Billed Monthly


paypal only


.


Related Links
All About Oil and Gas News at OilGasDaily.com






Comment on this article via your Facebook, Yahoo, AOL, Hotmail login.

Share this article via these popular social media networks
del.icio.usdel.icio.us DiggDigg RedditReddit GoogleGoogle

Previous Report
OIL AND GAS
Shell, Nigeria accused over oil spill clean up
Abuja, Nigeria (AFP) Nov 3, 2015
Shell was on Tuesday accused of making false claims about the extent of its oil spill clean-up operations in Nigeria and urged to take more action to help worst-hit communities. Amnesty International and the Centre for Environment, Human Rights and Development (CEHRD) charged the oil major with failing to implement recommendations from a critical 2011 UN report. The claims came a week be ... read more


OIL AND GAS
Holograms go mainstream, with future full of possibility

New HP Enterprise sees cloud ties with Amazon, others

U.S. Air Force awards Southwest Research Institute development contract

New System Giving SMAP Scientists the Speed They Need

OIL AND GAS
Milestone C approval given for communications system

Southeast Asian nation awards Harris $10 million contract for radios

Harris delivering tactical radios to multiple customers

LGS Innovations enhances ISR technologies

OIL AND GAS
Full-Scale Drills at Russia's Vostochny Cosmodrome to Start in Two Weeks

Developing Commercial Spaceports in the USA

Russia signs contract with Eutelsat to launch satellites through 2023

ULA launches GPS IIF-11 satellite for US Air Force

OIL AND GAS
Galileo pair preparing for December launch

GPS IIF satellite successfully launched from Cape Canaveral

U.S. Air Force prepares to launch next GPS IIF satellite

Russia to Open Four New Glonass Stations Abroad

OIL AND GAS
B-29 Doc flight test Kickstarter exceeds funding goal

Lockheed Martin tests F-16 durability

Airbus Helicopters signs 750-mn euro deal with China

Boeing's AH-64 Apache Guardian helicopters headed for South Korea

OIL AND GAS
Silicon Valley granddaddy HP readies breakup

Techniques to cool 3D integrated circuits stacked like a skyscraper

Manipulating wrinkles could lead to graphene semiconductors

Photons open the gateway for quantum networks

OIL AND GAS
Curtiss-Wright and Harris bring digital map solutions to rugged systems

OGC and ASPRS to collaborate on geospatial standards

Study predicts bedrock weathering based on topography

How TIMED Flies: Unexpected Trends in Carbon Data

OIL AND GAS
India's choked capital fails to collect new 'pollution toll'

India's choked capital starts 'pollution toll' for trucks

Gear, not geoducks, impacts ecosystem if farming increases

Plastic litter taints the sea surface, even in the Arctic









The content herein, unless otherwise known to be public domain, are Copyright 1995-2024 - Space Media Network. All websites are published in Australia and are solely subject to Australian law and governed by Fair Use principals for news reporting and research purposes. AFP, UPI and IANS news wire stories are copyright Agence France-Presse, United Press International and Indo-Asia News Service. ESA news reports are copyright European Space Agency. All NASA sourced material is public domain. Additional copyrights may apply in whole or part to other bona fide parties. All articles labeled "by Staff Writers" include reports supplied to Space Media Network by industry news wires, PR agencies, corporate press officers and the like. Such articles are individually curated and edited by Space Media Network staff on the basis of the report's information value to our industry and professional readership. Advertising does not imply endorsement, agreement or approval of any opinions, statements or information provided by Space Media Network on any Web page published or hosted by Space Media Network. General Data Protection Regulation (GDPR) Statement Our advertisers use various cookies and the like to deliver the best ad banner available at one time. All network advertising suppliers have GDPR policies (Legitimate Interest) that conform with EU regulations for data collection. By using our websites you consent to cookie based advertising. If you do not agree with this then you must stop using the websites from May 25, 2018. Privacy Statement. Additional information can be found here at About Us.