BRITAIN PRICES UP
PLATTS published, average retail prices for gasoline and diesel in the UK rose for the 20th consecutive week in the period ending July 4, data released Tuesday by the Department of Energy & Climate Change (DECC) showed.
In the week ending Monday, the average UK pump price of unleaded gasoline (ULSP) was 111.65p/liter, up 0.21 p/liter week on week.
The price of diesel (ULSD) was 112.86 p/liter, up 0.30 p/liter on the week.
Retail fuel prices last fell on a week-on-week basis on February 22, and are currently at their highest level since August.
In a separate statement, RAC fuel spokesman Simon Williams said: "June was another bad month for motorists with the price of petrol going up again. While it was only a penny and a half it makes for a rise of more than 10p since the start of March."
Wholesale gasoline and ULSD prices have been brought into focus since the UK's vote to leave the EU.
Imports into the UK are priced in US dollars, so sterling's sharp devaluation during the financial aftermath has the potential to have stark knock-on effects at the pump.
"We may well see pump prices rise slightly in July, but current indications are that this is unlikely to be the shock rise some were predicting," Williams said.
|June, 22, 13:40:00|
|June, 22, 13:35:00|
|June, 22, 13:30:00|
|June, 22, 13:25:00|
|June, 22, 13:20:00|
|June, 22, 13:15:00|
U.S. EIA - Venezuela holds the largest oil reserves in the world, in large part because of the heavy oil reserves in the Orinoco Oil Basin. In addition to oil reserves, Venezuela has sizeable natural gas reserves, although the development of natural gas lags significantly behind that of oil. However, in the wake of political and economic instability in the country, crude oil production has dramatically decreased, reaching a multi-decades low in mid-2018.
U.S. BEA - The U.S. current-account deficit increased to $124.1 billion (preliminary) in the first quarter of 2018 from $116.1 billion (revised) in the fourth quarter of 2017, according to statistics released by the Bureau of Economic Analysis (BEA). The deficit was 2.5 percent of current-dollar gross domestic product (GDP) in the first quarter, up from 2.4 percent in the fourth quarter.
WNN - There are 126 operational power reactors in 14 EU Member States, providing more than one-quarter of the bloc's total electricity production. In its Communication on the Nuclear Illustrative Program (PINC) published last year, the European Commission expects nuclear to maintain its significant role in Europe's energy mix up to 2050. This would require investment of some EUR40-50 billion (USD46-58 billion) in nuclear LTO by 2050.
REUTERS - Benchmark Brent crude LCOc1 was up 50 cents at $75.58 a barrel by 0835 GMT. U.S. light crude CLc1 was 50 cents higher at $65.57.