BEIJING/SYDNEY—Chinese airlines will apply a fuel surcharge to domestic routes starting Friday for the first time in more than two years, as oil prices surge. The move comes as oil benchmarks trade close to their highest levels in years. Brent crude is now trading over $80 a barrel, up from about $20 a barrel hit…
Chinese Airlines to Apply Fuel Surcharge On Friday as Oil Prices Rise
Refiner Marathon Beats Profit Expectations on Robust Fuel Demand
Marathon Petroleum Corp. beat quarterly profit estimates on Tuesday as a rebound in fuel consumption helped the largest U.S. refiner tide over the surging cost of crude oil. Marathon’s results followed strong earnings from other energy companies. Valero, which was the first major U.S. refiner to report quarterly earnings, and PBF beat analysts’ estimates as…
Oil Drops on China Fuel Reserves Release; OPEC+ Meeting in View
November 1, 2021
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TOKYO—Oil prices dropped on Monday as China’s release of gasoline and diesel reserves eased concerns over tight global supply, while investors cashed in ahead of a Nov. 4 meeting of major crude producers that could increase future production targets. Brent crude futures dropped 46 cents, or 0.6 percent, to $83.26 a barrel by 0746 GMT,…
UK Inflation Edges Lower Despite Rising Fuel Prices
Inflation nudged lower last month despite rising fuel and transport costs. New figures from the Office for National Statistics (ONS) revealed that the rising cost of living slowed last month, but still struck the second-highest reading since 2012 and is expected to increase again, according to economists. The ONS said Consumer Prices Index (CPI) inflation…
Power Squeeze Curbs Chinese Growth, Leaves Europe in a Gas Bind
October 20, 2021
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BEIJING/MOSCOW/PRAGUE—China’s power shortages hit growth in the world’s second-biggest economy, threatening more pain for global supply chains, while Europe’s gas squeeze looked set to continue as Russia’s Gazprom showed no sign of hiking exports to the region in October. Coal, oil, and gas prices have all rocketed higher in recent weeks hammering utilities and consumers…
UK Fuel and Household Energy Spending Rises a Fifth in a Fortnight: Lloyds Bank
Sept. 24 saw the highest amount spent on fuel in a single day since Lloyds Bank records began, analysis of customers’ debit cards shows. The peak fell the day after BP and Tesco closed some filling stations due to problems with fuel delivery. Across the UK, people spent a fifth (20 percent) more at petrol…
Essar Oil in Talks to Extend January UK VAT Payment Deadline
Reuters—Essar Oil UK, the operator of Britain’s Stanlow oil refinery, is in talks with UK authorities over extending a January deadline to repay hundreds of millions of pounds in deferred taxes, the company said on Sunday. Essar Oil said it still needed to pay £223 million ($305 million) to HM Revenue & Customs (HMRC) by…
Oil Giant Shell Sets Sights on Sustainable Aviation Fuel Take-Off
LONDON—Royal Dutch Shell plans to start producing low-carbon jet fuel at scale by 2025, in an attempt to encourage the world’s airlines to reduce greenhouse gas emissions. Aviation, accounting for 3 percent of the world’s carbon emissions, is considered one of the toughest sectors to tackle due to a lack of alternative technologies to jet…
Hyundai to Offer Hydrogen Fuel Cell Versions of All Commercial Vehicles by 2028
SEOUL—Hyundai Motor Group said on Tuesday it plans to offer hydrogen fuel cell versions for all its commercial vehicles by 2028 and will cut the price of fuel cell vehicles to battery electric levels two years later. The group, which comprises Hyundai Motor Co and Kia Corp, currently has one fuel cell bus and one…
Airports in the US West Dealing With Shortage of Jet Fuel
A shortage of jet fuel, coupled with supply chain issues and an urgent demand from firefighting aircraft, continues to cause problems at airports around the West. In Nevada, state and federal lawmakers said they are investigating a possible shortage of jet fuel that could delay cargo delivery and passenger travel at Reno-Tahoe International Airport in…
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