grober
MB Master
Courtesy of Reuters.
Drivers paying more for Petrol due to US demand.
Motorists around the world have been paying more to fill up their tanks in the past month, as the start of the U.S. driving season soaks up supply, and fuel prices are expected to keep rising. The average U.S. retail price for gasoline hit $3.22 (1.63 pounds) a gallon last week, the highest since March 1981 during the Iran/Iraq war. With U.S. motorists taking to the roads at the start of the holiday season this week, strong gasoline demand will continue to drive up prices around the world possibly until well into August? In the UK, pump prices are less than two pence a litre off record highs of 98.5 pence per litre reached last summer. In Rotterdam, premium unleaded gasoline barges surged by 75 percent between January and May to trade at an $800 a tonne peak on May 18. Despite a sharp price fall in recent days, with Rotterdam barges trading at $746 a tonne on Thursday, traders and analysts say the upward price trend is likely to be resumed the reason . Quote:- "It's the driving season and with the inability of the United States, in refining output, to actually meet its demand, Gasoline stocks are pretty low in the U.S. at the moment and that's pulling the gasoline from Europe and some other places to supply the shortfall." Although U.S. gasoline stocks rose by another 1.3 million barrels last week, a fourth consecutive weekly rise, they were still 14.8 million barrels short of last year's levels, according to government data released on Thursday. While gasoline prices have risen worldwide, diesel prices are expected to fall, particularly in Europe due to new refining capability that is coming on in the Middle and Far East.
Drivers paying more for Petrol due to US demand.
Motorists around the world have been paying more to fill up their tanks in the past month, as the start of the U.S. driving season soaks up supply, and fuel prices are expected to keep rising. The average U.S. retail price for gasoline hit $3.22 (1.63 pounds) a gallon last week, the highest since March 1981 during the Iran/Iraq war. With U.S. motorists taking to the roads at the start of the holiday season this week, strong gasoline demand will continue to drive up prices around the world possibly until well into August? In the UK, pump prices are less than two pence a litre off record highs of 98.5 pence per litre reached last summer. In Rotterdam, premium unleaded gasoline barges surged by 75 percent between January and May to trade at an $800 a tonne peak on May 18. Despite a sharp price fall in recent days, with Rotterdam barges trading at $746 a tonne on Thursday, traders and analysts say the upward price trend is likely to be resumed the reason . Quote:- "It's the driving season and with the inability of the United States, in refining output, to actually meet its demand, Gasoline stocks are pretty low in the U.S. at the moment and that's pulling the gasoline from Europe and some other places to supply the shortfall." Although U.S. gasoline stocks rose by another 1.3 million barrels last week, a fourth consecutive weekly rise, they were still 14.8 million barrels short of last year's levels, according to government data released on Thursday. While gasoline prices have risen worldwide, diesel prices are expected to fall, particularly in Europe due to new refining capability that is coming on in the Middle and Far East.
Last edited: