Had to say good-bye today to my faithful companion and it really sucks. Greatest injustice in life is the mismatched life spans of man & dog. Farewell, Zoe.
Tom Kloza
@TomKloza
Independent oil analyst, keynote speaker, co-founder of OPIS. Been covering energy markets since Jimmy Hoffa went missing. [email protected]
Ft. Myers FL & Farmingdale NJ
Joined October 2013
- Oil analysts can no longer ignore Ukrainian drone attacks on Russian refineries. Last 72 hours has seen a ~300,000 b/d refinery in Volgograd region knocked out, and that follows loss of a Lukoil-owned refinery on weekend. These items need to be baked into oil commentaries.
- Looks like the tariff shoes are dropping in New England. Reports indicate Irving Oil is hiking U.S. gasoline and diesel wholesale postings by 20cts/gal or more.
- Personal note: Tomorrow, I begin my 45th year as an oil reporter/analyst. That's approximately 16,070 days for the same "professional" job, most of which have been rewarding. I hope to make it to 50 years, at the very least, since the industry is more dynamic than it was in 1975.
- Expect retail prices for diesel to increase to $5.25-$5.50/gal nationwide next week. In a week with wild wholesale increases, OPIS sees diesel surge of 40cts/gal in Northeast; 26cts/gal at Gulf Coast; 15-16cts/gal in Midwest and West Coast. More freight surcharges loom.
- Incredible spike this week for heating oil, diesel and jet fuel markets. OPIS confirms wholesale price increases of 75cts/gal to over $1/gal in the week. Return of some ugly inflation to freight, home comfort, and airfares.
- Diesel fuel is screaming higher again in futures' markets today - -physical prices doing even better. With crude wobbling between $88-$96/bbl, price of diesel varies from $140.28/bbl in Los Angeles to $195.30/bbl in New York. No break for inflation.
- Huge news in California: Phillips 66 will close its Los Angeles refinery. With California waging a de facto war on refiners, you can connect the dots.
- Diesel becoming more and more unmoored. Fetches cracks of $95/bbl in Northeast; $68/bbl Gulf Coast; $66-$90/bbl Midwest; $63/bbl Southern Cal; $90/bbl Pac Northwest. Soybean oil is no slouch - - worth equivalent of ~5.51/gal before processing.
- A personal milestone: Today, I mark completion of Year 45 as an energy reporter. The last six months have had as much volatility and action as the first 44 years. I hope to continue providing objective analysis as we move through the Energy Transition.
