Fuel News

The Conference Board’s Measure of CEO Confidence dropped to 47 from 59 on concerns about supply chains and energy.

Asian buyers of liquefied petroleum gas were forced to scramble for more U.S. supplies after the Iran war led to the near-closure of the Strait of Hormuz.

The PCE jumped to 3.8% in April compared with a year ago, the Commerce Department said May 28, up from 3.5% in March and the highest since May 2023.

“The X10 definitely opens up another market,” Brett Merritt, president of Cummins’ engine business, told analysts and investors during the firm’s investor day.

The price for a barrel of Brent crude, the international standard, fell 4.1% to $95.48 a barrel.

Widespread interference with signals on the industry’s Automatic Identification System continues to cloud the picture, making independent verification of ship traffic difficult.

The report had said maritime traffic through the Strait of Hormuz could return to normal within a month of a peace deal coming into effect.

The latest USDA food price outlook, published May 22, projected a 3.2% advance in grocery prices this year.

Manifold said in a statement, “I dispute entirely the characterization of my conduct and I will not allow a false narrative to go unchallenged.”

Federal Reserve Bank of Dallas President Lorie Logan said if the Strait of Hormuz doesn't reopen soon, consumption will need to fall.