Gas prices spike to $3.15 in Cincinnati
Gas prices have spiked to more than $3 a gallon in Cincinnati over the past few days.
On Monday, GasBuddy reported that the average gas price in Cincinnati was $2.95 a gallon, as of Wednesday, multiple gas stations across the city have prices sitting at $3.15 a gallon.
Earlier this week Gas Buddy officials said demand for gasoline continues to push higher now that the summer driving season is underway. According to GasBuddy data, gasoline demand last week eclipsed the prior week, when millions of Americans were gearing up for Memorial Day travel, not an easy feat, but highlights that economic conditions are ripe for continued growth in demand, contributing to prices holding at high levels, said Patrick De Haan, head of petroleum analysis for GasBuddy.
Oil prices kept climbing on Wednesday on signs of strong fuel demand in some economies, while the possibility of Iranian oil returning to global markets was cast in doubt after the United States secretary of state said sanctions against Tehran were not likely to be lifted.
Global benchmark Brent crude futures were up 44 cents, or 0.6 percent, at $72.66 a barrel at 13:38 GMT, having earlier hit $72.83, the highest since May 2019.
United States benchmark West Texas Intermediate (WTI) crude futures were 30 cents higher, or 0.4 percent, at $70.35 a barrel. Earlier, they touched $70.62, the highest since October 2018.
“The supercharged multi-year oil prices are a reflection of the improved oil demand sentiment, and along with it, the expectation that crude and products inventories will significantly be reduced in the second half of 2021 as a post-pandemic new normal of oil consumption sets in,” Rystad Energy’s Oil Markets Analyst Louise Dickson said in a Wednesday note.
U.S. crude output to decline less than previously forecast in 2021 -EIA
U.S. crude oil production is expected to fall by 230,000 barrels per day (bpd) in 2021 to 11.08 million bpd, the U.S. Energy Information Administration (EIA) said on Tuesday, a smaller decline than its forecast last month for a drop of 290,000 bpd.
Oil prices have rebounded to the highest levels in about two years, helped by restraint on supply by the Organization of the Petroleum Exporting Countries and allies.
The rise has prompted some U.S. producers to increase drilling activity, with rig counts rising for a 10th month in a row in May.
Oman oil price rally gains steam, vaults past $71 a barrel
By: Times News Service
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Muscat: Oman oil price rally continued on the Dubai Mercantile Exchange (DME) on Wednesday reaching $71.38. This comprises an increase of $1.78 from the price of Tuesday, which was at $69.60.
“The average price of Oman oil (June Delivery 2021) has stabilised at $63.10, thus $1.33 per barrel lower than May Delivery 2021,” the DME said on Wednesday.
DME is the premier international energy futures and commodities exchange in the Middle East and is the premier energy-focused commodities exchange in the East of Suez and home to the world s third crude benchmark.
S&P Global Platts Becomes Data & Insight Provider to OPEC
S&P Global Platts (“Platts”), the leading independent provider of information, analytics and benchmark prices for the commodities and energy markets, today announced that Platts has become a data and insight provider to the Organisation of the Petroleum Exporting Countries (OPEC), building on a long-term relationship.
Saugata Saha, President, S&P Global Platts, said: “We are pleased that OPEC recognises the value of Platts’ independent price reporting and world-class analytics insight. We welcome this opportunity to deepen our longstanding relationship at this critical juncture when OPEC and energy ecosystem participants around the world are actively working to secure a sustainable future for generations to come.”