Tag: scripsio

Last Friday, a blast and fire occurred at the Philadelphia refinery owned by Philadelphia Energy Solutions.  I live outside Philly and although I couldn’t hear the blast, people and residents within a 30 mile radius heard it.

The refinery was the largest and oldest on the East Coast and produced about a quarter of the Northeast’s refining capacity or 335,000 barrel /day.

Source

Yesterday, the company announced that due to the damages suffered, it was closing the facility…which would affect about thousands employees and contractors, fueling gasoline’s prices higher.

However, the biggest impact for gasoline’s comeback has been the increase in oil which has

Corn prices have been on an epic run. Now, soybeans could soon be catching up.Soybeans have trailed for a reason. In the U.S., the oilseed can be planted later in the spring than corn. Amid the heavy rains, some analysts had forecast that the weather would eventually clear and farmers would plant more soy. That would’ve meant bigger production at a time when demand is already suffering amid the U.S.-China trade war.The U.S. Department of Agriculture will update its plantings estimate June 28, but analysts and traders are already concerned the agency’s numbers will be too high and not fully

Gold is back in the limelight as investors seek havens amid slowing global growth due to the fallout from the U.S.-China trade dispute and as central banks globally adopt a more dovish tone. While the Fed left its key rate unchanged on Wednesday, it dropped a reference to being “patient” on borrowing costs and forecast a larger miss of their 2% inflation target this year. The greenback weakened to erase its 2019 gains.“If easier policy from the Fed contains the dollar, that’s an environment, all else equal, that is supportive of gold,” Koesterich said last week in a phone interview