EUR/USD 1.15412
-0.099%
Gold 4268.99
0.524%
Oil 75.381
1.443%
USD/JPY 157.896
0.087%
GBP/USD 1.34681
0.008%
GBP/JPY 212.659
0.098%
Browse More
  • English
  • 简体中文
  • 繁體中文
  • Tiếng Việt
  • ไทย
  • Indonesia
Subscribe
Real-time News
The number of initial jobless claims in the United States for the week ending August 1 will be released in ten minutes.1. The Financial Times reported that sources familiar with the matter revealed that if inflation data released in the coming weeks is strong and market expectations for rising borrowing costs intensify, Federal Reserve Chairman Warsh will be prepared to raise interest rates at the September meeting. 2. According to Saudi media Hadas, senior sources said that Iran and Oman have reached a preliminary agreement on reopening the Sea of Hormuz. The agreement could be announced within days, but still requires approval from Irans National Security Council. The agreement will last for 60 days and aims to resume navigation. 3. The Zhengzhou Commodity Exchange announced that there are many uncertainties affecting the urea market recently. All member units are requested to strengthen investor education and risk prevention, reminding investors to participate rationally and trade in compliance with regulations. 4. According to Reuters, an official decree shows that the Democratic Republic of Congo has banned the export of copper and cobalt concentrates. 5. According to Mysteel, WBN, one of Indonesias largest nickel ore suppliers, has been approved for an additional RKAB quota of approximately 25 million tons of wet nickel ore in the second half of 2026. Including the quotas approved in the first half of the year, WBNs total RKAB nickel ore quota for 2026 has increased to approximately 37 million wet tons. Currently, no official documents regarding this quota approval have been issued to WBN. 6. A price list shows that Saudi Aramco will lower the price of its Arab Light crude oil for delivery to Asian customers by 50 cents per barrel next month, to $2 per barrel lower than the regional benchmark price. 7. According to Mysteel statistics, as of August 6, the spot lithium ore inventory of 32 sample lithium ore traders was 124,000 tons, an increase of 15,000 tons from the previous week, of which 91,000 tons were available for sale, an increase of 27,000 tons from the previous week. 8. Mysteel research shows that as of August 6, imported cotton inventory at major ports increased by 0.34% week-on-week, with a total inventory of 592,600 tons. Among them, Qingdao Port in Shandong Province held 507,000 tons, a year-on-year increase of 94%; Zhangjiagang Port and surrounding warehouses in Jiangsu Province held approximately 44,600 tons of imported cotton; and other ports held approximately 41,000 tons. 9. Data from Enterprise Singapore (ESG) shows that as of the week ending August 5, Singapores fuel oil inventory rose by 1.443 million barrels to a five-week high of 19.577 million barrels. 10. According to Longzhong Information, as of August 6, 2026, the national daily output of float glass was 142,200 tons, a decrease of 0.42% compared to July 30; this week, the national float glass output was 995,500 tons, a decrease of 0.42% week-on-week and a decrease of 10.84% year-on-year. The total inventory of float glass sample enterprises nationwide was 74.898 million weight boxes, a decrease of 455,000 weight boxes month-on-month, a drop of 0.6%, and an increase of 21.1% year-on-year. The inventory days were 34.3 days, a decrease of 0.1 days from the previous period. 11. According to Longzhong Information, as of August 6th, the total MEG inventory in the main ports of East China was 354,000 tons, a decrease of 42,000 tons from Monday and a decrease of 62,000 tons from last Thursday, not only hitting a new low for the year but also the lowest level for the same period in the past five years; this week, the total domestic ethylene glycol production was 345,700 tons, an increase of 4,500 tons, a month-on-month increase of 1.31%. 12. According to Aladdin, the construction of the Guinea Yingu International Bauxite Project is progressing smoothly, and the entire project is expected to be completed in December this year; the system commissioning phase will begin in January and February 2027, and production and export of ore will officially commence in March, with a designed annual capacity of 30 million tons. 13. According to PanSugar Technology, as the 2025/26 crushing season draws to a close, the combined industrial inventory in Guangxi and Yunnan reached 3.12 million tons, both at historically high levels. The pressure to reduce inventory has become the core challenge in the final stage of the season. Under neutral assumptions, the combined industrial inventory in Guangxi and Yunnan as of the end of September is estimated to be approximately 1.72-1.88 million tons, significantly higher than the national average of 682,000 tons in the same period of the 2024/25 crushing season and the nearly 10-year average of 627,000 tons.Both WTI and Brent crude oil prices rose by about $0.40 in the short term, reaching $76.20 per barrel and $80.66 per barrel respectively.US Treasury bonds fell after British media reported that Federal Reserve Chairman Warsh might be prepared to raise interest rates in September if inflation remains strong, and Alphabet (GOOG.O) launched a 10-part issuance of US dollar investment-grade bonds.Alphabet (GOOG.O) has launched a 10-part US dollar investment-grade bond issuance.

Biden Turns to Ethanol to Help Bring Down Gasoline Costs as Consumer Inflation Soars

Haiden Holmes

Apr 13, 2022 09:32

G2.png


Biden's poll scores have dipped as consumer prices have increased, and inflation is seen as a big disadvantage going into November's midterm elections.


The decision is a success for the US corn lobby, since it will almost certainly increase demand for maize-based ethanol, and a defeat for oil refiners, who consider ethanol as a threat.


From June 1 until September 15, the proposal will enable Americans to continue purchasing E15 gasoline, which contains 15% ethanol. While E15 is just 10 cents cheaper on average and has a lower "energy density," which means drivers would need to purchase more gasoline, top administration officials told reporters on a Monday call previewing the announcement that it should still help reduce costs.


Only a few thousand gasoline shops in the United States supply E15 at the pump, and they are required by law to switch off the pumps during the summer season. That, Biden assured the Iowa gathering, would change this summer, if only momentarily.


"You are not going to go up to your neighborhood gas station and find a sack over the lowest gas pump. You will be allowed to continue filling E15," Biden said.


He emphasized that there is still more work to be done to bring down gasoline costs.


"It will not resolve all of our issues," Biden said.


According to two individuals familiar with the conversations, the decision follows many weeks of internal White House debate that pitted environmental champions like Gina McCarthy against Agriculture Secretary Tom Vilsack, a former governor of Iowa.


The summertime ban on E15 was implemented due to fears that it adds to pollution in hot weather, despite the fact that research indicates that the 15% mix may not contribute to smog in comparison to the more prevalent 10% blends available year-round.


Russia's invasion of Ukraine and the subsequent sanctions and boycotts drove retail gasoline prices to record highs, creating a vulnerability for Biden's Democratic colleagues in November's legislative elections.


"Your family's budget, your ability to fill up your tank, none of this should be contingent on whether a tyrant declares war and commits atrocities halfway over the globe," Biden added.


Biden stated last month that the US will begin selling 180 million barrels of petroleum from the Strategic Petroleum Reserve at a pace of one million barrels per day in May, the largest release from the stockpile since it was established in the 1970s.

CORN VS. OIL

Biden announced the E15 extension during a visit to POET Bioprocessing in Iowa, the country's biggest biofuels producer.


"We commend Vice President Biden and his administration for recognizing that low-cost, low-carbon ethanol deserves a fair chance to bolster our energy security and bring record-high pump prices down," Renewable Fuels Association President Geoff Cooper said.


Oil sector representatives chastised the government for the move.


"Americans are seeking long-term answers to high gasoline costs, not short-term political fixes," said Ron Chittim, spokesperson for the American Petroleum Institute, the oil industry's primary lobbying group.


The Environmental Protection Agency (EPA) plans to issue a national emergency waiver to effect the move closer to June, administration officials said. According to the White House, the EPA is reportedly exploring further measures to enable year-round use of E15.


The American Fuel and Petrochemical Manufacturers (AFPM) business organization questioned whether the extension of E15 sales was legal, stating that the EPA waiver being utilized is for for unexpected circumstances such as hurricanes.


In 2019, the courts rejected a previous attempt by Biden's predecessor, Republican Donald Trump, to extend a waiver allowing year-round sales of E15.


Officials briefing reporters on Biden's announcement said that his government will have a different "approach" and "authority" than Trump's, but provided no specifics.


Additionally, they said that the EPA will work with states to guarantee that the prolonged sale of E15 would have no "substantial" detrimental effect on summer air quality.


Suggestion