On the call with me this morning are Joe Kim, Sunoco LPs President and Chief Executive Officer; Karl Fails, Chief Operations Officer; Dylan Bramhall, Chief Financial Officer; and other members of the management team. Todays call will contain forward-looking statements that are subject to various risks and uncertainties.
Crude oil prices slipped lower Tuesday, falling below $70 a barrel on fears that rising Covid cases in China would stunt growth in the second-largest oil consumer in the world. By 10:05 AM ET (1405 GMT), U.S. crude futures traded 2.3% lower at $69.61 a barrel, falling beneath $70 for the first time in two weeks, while the Brent contract fell 1.9% to $71.50. U.S. Gasoline RBOB Futures were down 1.2% at $2.2474 a gallon.
(Bloomberg) -- Indonesia’s Covid-19 crisis is hammering gasoline demand in Southeast Asia’s leading economy, echoing a slump in India earlier this year.Strict curbs on travel amid a surge in virus cases are taking a toll on consumption, with gasoline and diesel usage plummeting during the initial phase of restrictions from July 3-25. Shipments of gasoline into Asia’s biggest importer of the fuel have sunk almost a quarter, according to Vortexa Ltd.The drop-off in consumption highlights the threa