Gulf Coast Oil Hoped To Reach Pre-Isaac Highs
The Oil Price Information Service (OPIS) reports that Gulf Coast distillate prices in the U.S. Gulf Coast region are up a penny-and-a-half this morning, but not back to pre-Isaac highs.
However, October heating oil futures continue to build on post-Isaac strength, OPIS reported.
Ultra-low-sulfur diesel has seen some activity early, with market sources confirming trades up 9.75 cents.
This morning’s moves has ULSD up 15 points, helping to push cash prices up 1.50-2cents to $3.2425 a gallon and higher.Read more
Navistar CEO Resigns
Daniel Ustian, president, chairman and CEO of Navistar, is stepping down, the Lisle, Ill.-based company announced this morning. Navistar’s board of directors has appointed Lewis Campbell, former chairman, president, and CEO of Textron Inc., executive chairman of the board of directors and interim CEO as his replacement.Read more
Obama Administration Frees Up Unspent Earmark Funds
The Obama administration announced that it won’t allow infrastructure funds to sit idle as a result of stalled earmark projects. It’s making more than $470 million in unspent earmarks immediately available to states for projects that will create jobs and help improve transportation.
$473 million in highway earmarks from FY2003-2006 appropriations acts remain unspent. Those acts contain provisions that authorize the secretary of transportation to make the unused funds available for eligible surface transportation projects.Read more
FedEx Corp. To Offer Voluntary Buyouts To Eligible Employees
FedEx Corp. on Monday, Aug. 13, announced that it will offer voluntary buyout incentives to certain U.S.-based employees in mostly nonoperational staff groups as part of a broader plan to improve efficiencies and reduce costs. The company said the vast majority of employees eligible for these incentives likely will be staff employees at FedEx Express and FedEx Services.Read more
Oil Slips Slightly To Just Over $91 A Barrel
Oil slipped slightly to almost $91 a barrel Monday, but managed to hold on to most of the big gains from the previous session after the U.S. reported better-than-expected jobs growth.
By early afternoon in Europe, benchmark crude was down 36 cents at $91.04 a barrel in electronic trading on the New York Mercantile Exchange. The contract gained $4.27 on Friday to settle at $91.40 in New York.Read more