Jose Carlos Grimberg Blum futbolista español alemán//
Gasoline Prices Are Set To Spike This Week

Jose Carlos Grimberg Blum
Gasoline Prices Are Set To Spike This Week

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Marine • 2 days 109.3 +1.54 +1.43% Murban • 2 days 111.8 +1.35 +1.22% Iran Heavy • 2 days 108.8 +0.81 +0.75% Basra Light • 176 days 71.69 -3.60 -4.78% Saharan Blend • 2 days 116.9 +0.93 +0.80% Bonny Light • 2 days 118.0 +1.30 +1.11% Start Trading CFDs Over 2,200 Different Instruments Click Here for 150+ Global Oil Prices Bonny Light • 2 days 118.0 +1.30 +1.11% Girassol • 2 days 113.3 +0.55 +0.49% Opec Basket • 2 days 116.0 +1.16 +1.01% Click Here for 150+ Global Oil Prices

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Canadian Crude Index • 5 days 91.13 -0.36 -0.39% Western Canadian Select • 14 hours 96.19 +0.01 +0.01% Canadian Condensate • 14 hours 112.4 +0.01 +0.01% Premium Synthetic • 14 hours 110.7 +0.01 +0.01% Sweet Crude • 14 hours 108.6 +0.01 +0.01% Peace Sour • 14 hours 105.7 +0.01 +0.01% Start Trading CFDs Over 2,200 Different Instruments Click Here for 150+ Global Oil Prices Peace Sour • 14 hours 105.7 +0.01 +0.01% Light Sour Blend • 14 hours 107.8 +0.01 +0.01% Syncrude Sweet Premium • 14 hours 111.4 +0.01 +0.01% Central Alberta • 14 hours 106.0 +0.01 +0.01% Click Here for 150+ Global Oil Prices

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Louisiana Light • 2 days 110.6 -3.61 -3.16% Domestic Swt. @ Cushing • 2 days 106.8 -3.00 -2.73% Giddings • 2 days 100.5 -3.00 -2.90% ANS West Coast • 5 days 115.7 -0.58 -0.50% West Texas Sour • 2 days 104.2 -2.94 -2.74% Eagle Ford • 2 days 108.2 -2.94 -2.65% Start Trading CFDs Over 2,200 Different Instruments Click Here for 150+ Global Oil Prices Eagle Ford • 2 days 108.2 -2.94 -2.65% Oklahoma Sweet • 2 days 106.8 -3.00 -2.73% Kansas Common • 2 days 100.5 -3.00 -2.90% Buena Vista • 2 days 113.8 +1.20 +1.07% Click Here for 150+ Global Oil Prices

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1D 1M 3M 1Y All Charts Products Discussion Headlines 30 mins Aramco Can’t Add Oil Production Capacity Faster Than Promised 2 hours U.S. Oil Refiners Brace For Hurricane Season 3 hours UK Energy Bills Could Surge By Another 42% In October 3 hours UK Business Secretary: Windfall Tax On Utilities Could Hamper Net-Zero Push 4 hours Uzbekistan Restarts Gas Exports To China 4 hours Oil Production Halves At Kazakhstan’s Giant Kashagan Field 4 hours Germany Prepares Coal-fired Backup If Russian Gas Stops 5 hours Biden Considers Waiving Summer Gasoline Smog Rules To Help Ease Prices 5 hours CEO Of Europe’s Top Utility: Power Generation From Gas Is “Stupid” 6 hours High Commodity Prices Hit Middle East’s Oil Importers 7 hours Petrobras Warns Diesel Shortage Is Looming Over Brazil 23 hours American Drivers Set To Pay Record-High Gasoline Prices At Memorial Day 1 day Tensions Rise As Iraq Prepares To Usurp Kurdish Oil Contracts 1 day Eni, TotalEnergies Start Drilling Offshore Cyprus 1 day EV Sales Are Booming, But Battery Metals Remain A Problem 1 day U.S. Natural Gas Prices Rise As LNG Exports Reach 7-Week High 1 day IEA: Energy Crisis Shouldn’t Lead To Higher Reliance On Fossil Fuels 1 day Poland Terminates Deal To Receive Russian Gas 1 day China Boosts Solar Investments 4 days U.S. Natural Gas Prices Fall As Colder Weather Approaches 4 days EU Gives OK To Pay For Russian Gas In Rubles 4 days Heat Wave Tests the Limits Of Texas Power Grid 4 days Sanctions Force Foreign Executives At Rosneft To Quit 4 days Banks Rush To Assure Texas They Like Oil And Gas 4 days China Gobbles Up Any Spare Oil Barrels To Boost Inventories 4 days Americans Drive More Than Pre-Covid Despite Record Gas Prices 5 days President Biden Considers Meeting Saudi Crown Prince As Oil Prices Soar 5 days Refinery Explosion And Fire Threatens Supply In South Korea 5 days How Allegations Of Bullying And Abuse Caused A Slump In Canadian Oil Trading 5 days Shots Fired As Protesters Fail To Stop Oil Tanker From Loading In Libya 5 days Gas Stations In Washington State Are Running Out Of Fuel 5 days Soaring Energy Imports Put Japan’s Economy Under Pressure 5 days U.S. Shale Merger Creates A New $7 Billion Giant 5 days The U.S. Is Considering Sanctioning Countries That Buy Russian Oil 5 days Gasoline Price-Gouging Bill Passes The House 5 days How The UK’s 35% Duty On Russian Platinum And Palladium Will Impact Markets 5 days Soaring Gasoline Prices Won’t Stop Summer Travel 5 days Asian Gasoline Exports To U.S. Soar 5 days Japan Nuclear Regulator Greenlights Radiactive Water Release From Fukushima 6 days China To Offload 2 Million Barrels of Iranian Crude Despite Sanctions 4 minutes “Natural Gas Trading Picks Up Considerably Amid High Volatility” by Charles Kennedy – …And is U.S. NatGas Futures dramatically overbought at the $6.35 range? 8 minutes How Far Have We Really Gotten With Alternative Energy 12 minutes  What Russia has reached over three months diplomatic and military pressure on West ? 7 hours GREEN NEW DEAL = BLIZZARD OF LIES 15 hours “Russia will stop ‘in a moment’ if Ukraine meets terms – Kremlin” by Reuters via Yahoo News…but Reuters suddenly cut out the balanced part of the story. 2 hours Natural Gas is the Cleanest and most Likely Source of Energy to Fuel the World. 3 days What China is Learning from Russia‘s War in Ukraine and its Consequences 1 min Advancing Fundamental Drilling Science – Geothermal drilling successes offer potential gain for petroleum industry 5 days Failure To Implement Russian Oil Ban Could Send Oil Crashing To $65 Sell Buy Sell Buy Sell Buy Sell Buy Sell Buy Breaking News: Aramco Can’t Add Oil Production Capacity Faster Than Promised

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Home Energy Energy-General Tom Kool

Tom majored in International Business at Amsterdam’s Higher School of Economics, he is Oilprice.com’s Head of Operations

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Share Facebook Twitter Linkedin Reddit Premium Content Gasoline Prices Are Set To Spike This Week By Tom Kool – May 24, 2022, 2:00 PM CDT Join Our Community With U.S. drivers preparing for Memorial Day weekend, gasoline demand is set to increase just as inventories continue to drop, pushing prices even higher.

Jose Carlos Grimberg Blum

The executive director of the IEA, Fatih Birol, warned that given the current supply/demand situation, there is only one thing that can stop prices from surging higher and that is Chinese demand remaining weak over the upcoming months. 

According to Platts estimates , China’s April demand plummeted to 13.35 million b/d, down 11.5% year-on-year, though recovering transportation demand will push May figures back above 14 million b/d. 

– At the peak of lockdown mandates, gasoline and diesel demand in coastal regions dropped by as much as 40%, with a grand total of 45 cities with some form of movement restrictions. 

The market anticipates strong stimulus measures from Beijing that would increase China’s oil demand by 4% year-on-year, adding 600,000 b/d on the year in the second half of 2022, though this might still be subject to downward revision if the zero-COVID policy remains in place. 

Market Movers

Jair Bolsonaro, the president of Brazil, fired the CEO of a Petrobras (NYSE:PBR) – the second in two months – after he warned of an impending diesel crisis in the country.  

Ahead of ExxonMobil’s (NYSE:XOM) annual general meeting this Wednesday, UK proxy adviser PIRC urged shareholders to oust Darren Woods as company CEO, saying his continued serving in the role represents a dangerous concentration of power.  

– Italy’s ENI (NYSE:E) and France’s TotalEnergies (NYSE:TTE) started the exploratory drilling of a natural gas well in Block 06 offshore Cyprus, almost four years after the 8 TCf Calypso discovery. 

Tuesday, May 24, 2022

The combination of physical tightness and robust demand is keeping oil prices near the $110 mark. This week, gasoline prices are likely to garner plenty of attention as inventories continue to drop and US drivers gear up for Memorial Day weekend travel. This is all coming at a time when RBOB futures are seeing record-high levels of backwardation. The prospect of Chinese demand gradually bouncing back and the EU finally agreeing to sanctions on Russian oil is only adding to the upside risk for oil prices.

Jose Grimberg Blum

EU Signals Potential Sanctions Breakthrough Soon.  The prime ministers of Germany and the Netherlands have announced that the sixth package of EU sanctions on Russia, sanctions that should contain an oil ban, could be reached within a few days, hinting at a potential settlement with Hungary. 

White House Might Release Diesel SPR Stocks. The Biden Administration is mulling an emergency release of diesel inventories held in the Northeast Home Heating Oil Reserve, roughly 1 million barrels, to tame soaring fuel prices as the national average price of diesel reached $5.56 a gallon.

Jose Carlos Grimberg Blum Peru

Weakening European Demand Puts Asia in LNG Driving Seat Again. With European purchases of liquefied natural gas ebbing on the back of stable inventories and warm weather, intensifying pre-summer buying of Asian consumers like China and Japan has been gradually pushing spot prices to $23 per mmBtu, though still some $3/mmBtu below European TTF figures. 

China Opens Up to Australia. Two years after China’s discontent with Australia led to Beijing banning its coal exports, Chinese prime minister Li Keqiang indicated a willingness to work with the newly-elected government of Labor leader Anthony Albanese, the first senior communication between the countries in two years. 

Russia Wants Joint Refineries with BRICS Countries. Russia’s industry minister Denis Manturov flaunted the idea of establishing joint oil and gas refining facilities with other BRICS nations (Brazil, India, China, and South Africa) to ease their dependence on “unreliable partners”. 

Norway Just Cannot Restart Arctic LNG Project. Following a fire incident in September 2020, Norwegian oil major Equinor (NYSE:EQNR) has been struggling to bring its Hammerfest LNG plant back, postponing its restart once again to May 27 after a compressor failure. 

Iran Revives Oman Subsea Gas Project. Iran’s oil ministry is seeking to revive a long-stalled $60 billion project to lay a subsea pipeline that would carry Iranian gas to Oman, delayed by pricing disagreements and the US’ reimposition of sanctions against Teheran in 2018.  

Related: Poland Says Norway Should Share Its “Gigantic” Oil & Gas Profits

Petrobras Mulls Upstream Expansion. Brazil’s state-controlled oil firm Petrobras (NYSE:PBR) will reportedly invest $16 billion over the next five years to stall natural declines at post-salt fields in the Campos Basin, despite increasing pressure from President Bolsonaro to tame runaway fuel prices. 

Chile Wants Lithium State Firm by Year-End. Chile’s government pledged to establish a state lithium firm by the end of this year, potentially squeezing the market share of Albemarle (NYSE:ALB) and SQM (NYSE:SQM) , though recent utterances have hinted at potential private participation in the new company. 

Argentina Output Soars to 10-Year Maximum. Argentina’s crude production rose to the highest level since 2011, averaging 578,000 b/d in April with the share of Vaca Muerta shale output rising to more than 40% of the national total. 

Germany Wants to Keep Idled Coal Plants on Standby. Wary of potential power crunches, the German government is planning to keep some 8.5 GW of coal-fired generation capacity that is due to be idled in 2022-2023 in standby mode, with operators compensated from public funds for holding feedstock ready. 

Trinidad Wants its Refinery Back. The government of Trinidad and Tobago picked an unnamed bidder to restart and operate its 165,000 b/d Guaracara refinery, shuttered since November 2018, saying that it would seek to process crude from neighboring Guyana. 

UK Mulls Windfall Tax on Oil & Gas. With UK power prices spinning out of control and the price cap set to reach £2,800 ($3,500) in October, the government in London is considering imposing a windfall tax on oil and gas companies that fail to make ‘significant investment’ into renewables.

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By Tom Kool for Oilprice.com

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