narkorn/iStock via Getty Images Prices for diesel fuel have soared by ~50% this year to $5.35/gallon, a record premium over gasoline and crude oil, in another example of how disruptions to globalized energy markets are producing price shocks and potential shortages. The spread between diesel and gasoline has widened to an all-time high of $1.61/gallon … Read more
GlobalStock The Department of Energy said Thursday that nine companies will buy 20M barrels of oil in the latest sale from the U.S. Strategic Petroleum Reserve, part of the Biden administration’s release of 1M bbl/day of crude oil for six months. The companies buying oil Thursday included Marathon Petroleum (NYSE:MPC), with 5.6M barrels; Valero Energy … Read more
Scott Olson/Getty Images News Marathon Petroleum (NYSE:MPC) +2.7% in Tuesday’s trading after crushing Wall Street estimates for Q2 adjusted earnings and revenues, riding a surge in demand for fuel and refined products while supplies are tight. Q2 net income fell to $5.9B, or $10.95/share, from $8.5B, or $13.00/share, in the year-earlier quarter, but adjusted net … Read more