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On March 12th, WeChat officially announced a new feature: users can now click "Ignore" on unwanted WeChat voice/video calls. The pop-up will disappear after clicking, and the recipient will not receive a "rejected" message. WeChat video calls also support screen locking, a feature that is being rolled out gradually. Furthermore, WeChat voice-to-text now supports simultaneous interpretation, and currently supports 18 languages, including Chinese.March 12 – According to Iranian sources, Iranian Foreign Minister Araqchi and UN Secretary-General Guterres spoke by phone on the evening of March 10 to exchange views on the latest developments regarding the US-Israeli attacks on Iran. Araqchi emphasized that Iranian schools, hospitals, residential areas, and historical sites were all deliberately attacked, an act that blatantly violates international law and basic humanitarian principles. He stated that Irans retaliation against the US and Israel was within the framework of its legitimate right to self-defense, and that Iran considers protecting the lives of its citizens an inescapable fundamental responsibility. Guterres stated that the attacks on Iran by the US and Israel were a clear and undeniable act of aggression. He stressed the need to adhere to the principles of international law, prevent further escalation, and curb the spillover of the conflict.March 12 – Economies reliant on the Gulf region face considerable uncertainty. For example, the IMF stated that talks with Pakistan were extended, partly to allow for a “more comprehensive assessment of the impact of recent global developments on the Pakistani economy.” Shankar Tareja, an analyst at brokerage firm Topline Securities, said that since Pakistan imports most of its oil from Gulf countries, the continued surge in crude oil prices could rapidly increase its import bill and exacerbate inflation in this economy, which still relies on IMF financing.March 12th - US President Trump earlier praised the International Energy Agencys (IEA) massive release of emergency oil reserves, saying it would ease pressure on energy prices while the US sought to "get the job done" in its actions against Iran. However, this clearly failed to reassure the market. Darrell Fletcher, Director of Commodities Management at Bannockburn Capital Markets, stated, "This is exactly what I was worried about regarding the IEAs release—completely ignored by the market, and now prices are even higher. This may be sending the wrong signal. What do they know that we dont?"Market news: Australia will temporarily allow higher sulfur content in fuel oil.

U.S. Gasoline Retail Prices Hit New Record as Refiners Struggle to Meet Demand

Haiden Holmes

May 11, 2022 09:52

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On Tuesday, retail gasoline prices in the United States reached another all-time high, exceeding the record set in March, as worldwide refineries struggled with a bottleneck that has pushed prices surging ahead of the summer driving season.


According to the American Automobile Association, the average price of a gallon of retail gasoline surpassed the previous record of $4.331 early on Tuesday morning.


Brent oil prices are down 7% since March 30, whilst gasoline futures are up 9.4% and set a new high of $3.7590 per gallon on Friday before retreating on Monday.


Even though the United States and other countries have made initiatives to increase the global crude supply, gasoline prices have risen as a result of both planned and accidental refinery shutdowns. As demand has returned to pre-pandemic levels, the global supply of petroleum is diminishing. Following the invasion of Ukraine and subsequent sanctions imposed on Russia by the United States and its allies, supplies tightened further.


Mike Jennings, CEO of HF Sinclair Corp, estimated on Monday's results call that the globe has lost 1 million barrels of refining capacity and 1.5 million barrels of oil supplies since the outbreak of the pandemic.


"That's 2.5% of global consumption...that's a significant figure," said Jennings.


In the spring, refineries emphasize gasoline production ahead of the onset of warmer weather and more traffic. In recent weeks, however, they have expanded distillate production to fulfill the demand for jet fuel and diesel in Europe, Latin America, and the United States, while Western sanctions against Moscow have limited Russia's exports.


Gary Cunningham, Tradition Energy's head of market research, said that refinery utilization would remain very high throughout the year on earnings calls.


This week, diesel gasoline set a pump price record of $5.45 per gallon.


Still, gasoline costs in the United States are far cheaper than in other big consumer nations, such as the United Kingdom, Japan, and France, where greater taxes raise the price of fuel.


Patrick DeHaan, head of petroleum analysis at GasBuddy, said, "I do not see this issue being resolved until at least 2023, when greater refining capacity comes online in the Middle East and Asia."


The price of U.S. crude oil, the greatest input cost for refiners, has declined by over $20 from its March highs, with supply bolstered by the release of millions of crude barrels from U.S. strategic reserves and demand weakened by coronavirus lockdowns in China.


However, merchandise inventories continue to decline. According to the U.S. Energy Information Administration, gasoline stockpiles have decreased by 3 percent year-over-year to 228.6 million barrels.


On Monday, the 3-2-1 crack spread, a proxy for refining profits, hit $54.34, an increase of roughly 150 percent compared to the same time last year.


Jennings said, "I believe we can anticipate that commodity prices and, in particular, pricing of our goods will be pretty high, providing the economy remains generally robust."

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