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On January 25th, Apple launched promotional activities through some of its direct sales channels. Among them, the iPhone Air, which has only been on the market for three months, has an official price reduction of 2000 yuan, with a maximum discount of 2500 yuan after the national subsidy. On the 25th, customer service at the Apple Stores official Tmall flagship store responded that only the iPhone 16 series is discounted on the official Apple website, and only this store is offering a discount on the iPhone Air through direct sales channels. The customer service representative also suggested adding the product to the shopping cart first. "Everyones very quick during the promotion." Furthermore, the customer service representative stated that this promotion is limited in quantity. Approximately 13,000 iPhone Air units are participating in the promotion.January 25 - According to the Japan Meteorological Agency, a magnitude 4.2 earthquake struck southern Ibaraki Prefecture, Japan, at 11:46 a.m. local time on January 25. The maximum intensity was 3, and the epicenter was at a depth of 50 kilometers. There is no risk of a tsunami.On January 25th, an international group of plaintiffs filed a lawsuit against Meta Platforms (META.O), accusing the company of making false claims regarding the privacy and security of its WhatsApp chat service. Meta touts its so-called "end-to-end" encryption as a core feature of WhatsApp, meaning that only the sender and receiver can read messages, and the company itself cannot access them. The company claims this encryption is enabled by default, and in-app messages show that only people in the current chat can read, listen to, or share messages. The plaintiff group filed the lawsuit on Friday in the U.S. District Court for the Southern District of California in San Francisco, accusing Meta of making false privacy claims. They claim that Meta and WhatsApp store, analyze, and have access to virtually all of WhatsApp users supposedly private communications, and accuse the company and its executives of defrauding billions of WhatsApp users worldwide. Meta spokesperson Andy Stone stated in an email that the lawsuit is baseless and that the company will seek sanctions against the plaintiffs lawyers.January 25th - Xiaomi founder, chairman, and CEO Lei Jun posted that the new generation SU7 Capri Blue is very beautiful in person, and they are striving to have some demo cars in dealerships before the Spring Festival, so everyone can experience it firsthand. Small orders have already begun.January 25th - At 10:29 AM on January 25th, the last regular-speed train departed from Guangzhou Railway Station. This marked the official end of regular-speed train service at the century-old station, ushering in a new era of high-speed rail.

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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