A total of 18 Open Pantry stores—14 of which are fuel locations—acquired in Wisconsin. 7-Eleven Inc. has completed a transaction to acquire 18 Open Pantry convenience store locations in Wisconsin, primarily in the greater Milwaukee and Madison markets. Terms of the deal were not disclosed. All 18 stores are located approximately in the lower third…
Gilbarco, Shell And Motiva Agree On Passport Service Offerings
Gilbarco Veeder-Root, Shell Oil Products US and Motiva Enterprises LLC signed an agreement, letting Gilbarco offer Passport services to Shell-branded gas stations. Gilbarco Veeder-Root, Shell Oil Products US and Motiva Enterprises LLC (Shell) signed an agreement to let Gilbarco provide Passport service offerings to thousands of Shell-branded stations in the U.S. The agreement gives Shell-branded…
Gasoline Futures Up From Four-Month Low
By Brian L. Milne, Refined Fuels Editor, Telvent DTN Gasoline prices in spot market trading following the Memorial Day weekend were moving higher alongside an advance by gasoline futures known as the Reformulated Blendstock for Oxygenate Blending contract that trades on the New York Mercantile Exchange. Trading has been relatively thin so far in post-holiday…
BP Signs New England Fuel Distributors
Agreements with two fuel distributors cover two-thirds of the 218 BP-branded sites formerly supplied by Green Valley Oil. BP has signed contracts with two New England fuel distributors to supply independent BP-branded gas station operators in the region. Lehigh Gas Corp. has agreed to supply 69 BP-branded stations in Massachusetts and 19 BP-branded sites in New…
Wholesale Gasoline Prices Dive Lower on Industry News
Brian L. Milne, Refined Fuels Editor, Telvent DTN Wholesale gasoline prices moved sharply lower during the third week of April, coming under heavy selling pressure as those in the market not hedging liquidated long holdings on growing sentiment that there will be enough supply this summer to avoid a tight market. There were a handful…
BP Unveils New Customer Loyalty Technology
Oil company’s Pump Rewards platform allows customers to redeem cents-per-gallon rebates to save on gas purchases. BP Products North America Inc. announced today the launch of Pump Rewards, a new payment technology that lets loyal BP customers earn cents-per-gallon rebates and redeem them at BP gas stations to experience an instant rollback of gas prices.…
Bullish Geopolitics Overpower Bearish Gasoline Demand
By Brian L. Milne, Refined Fuels Editor, Telvent DTN The Energy Information Administration’s (EIA) U.S. average price for regular grade gasoline spiked to a $3.721 gallon 8-1/2 month high on Feb. 27, and is poised for a further advance despite mixed wholesale costs in early March. Retail prices have never been this high this early…
Wholesale Gasoline Costs Continue Upside Push
By Brian L. Milne, Refined Fuels Editor, Telvent DTN Retail gasoline prices in the U.S., which have already reached a nearly five-month high, are set to again increase as wholesale costs continue to climb on multiple factors from geopolitical risk to unexpected refinery outages. At $3.523 gallon as of Feb. 13, the Energy Information Administration’s…
Fast Nickels vs.Slow Dimes
When it comes to competing in the fuel business, convenience store retailers must fight to maintain their market share. By Jim Callahan. I received an inquiry from a small retailer in the Northeast recently who had lost a huge chunk of his fuel volume due to some fierce new competition. This is an issue that…
EIA sees One-in-Four Chance for $4 Gallon U.S. Average in June
By Brian L. Milne, Refined Fuels Editor, Telvent DTN In its most recent Short-term Energy Outlook, the Energy Information Administration (EIA) pointed to a 25% probability based on activity in the financially traded gasoline market that its U.S. average price for regular grade gasoline would top $4 gallon in June. “Recent options and futures price…