RubiconPro Adds Fuelman, TAC Energy Discounts for Independent Hauling and Trucking Fleets
Atlanta, GA (July 11, 2017) – Today Rubicon Global announced partnerships with Fuelman and TAC Energy to provide substantive fuel discounts for independent haulers and truckers across North America. The Fuelman and TAC Energy discounts are new additions to the rapidly expanding RubiconPro buying program and are available immediately. RubiconPro delivers fuel, equipment, and financial benefits to independent waste haulers and truckers that previously were only available to the industry’s largest regional and national haulers and truck fleets.
“The value-added benefits from exceptional partners like Fuelman and TAC Energy further enhance RubiconPro’s offering to the independent hauling community,” said Kerry Grubb, director, RubiconPro. “RubiconPro is designed to help haulers and truckers operate more efficiently and profitably.”
With the Fuelman partnership, the RubiconPro Fuel program provides haulers and trucks with a wide range of products that provide deep discounts on their transactions at over 50,000 Fuelman network locations.
Under the TAC Energy partnership, hauling and trucking companies that have their own fuel tanks on site can use the RubiconPro Fuel program to strategically purchase their bulk fuel; either in a daily spot market or with the option to lock in the price of their fuel needs for up to a year in advance. Haulers will also receive a free Fuel Audit conducted by TAC Energy to determine how competitively they purchase against a third-party, industry standard index like OPIS, (Oil Price Information Service).
“Independent haulers and truckers are an important part of the fabric of American infrastructure and Fuelman is pleased to work with Rubicon Global to provide meaningful savings and efficiency through our Fuelman network” said Mike Ross, Senior Vice President, North America Fuel Card, Fleetcor.
“Our partnership with Rubicon Global provides an important connection to local haulers, providing them with an opportunity to purchase bulk fuel at the most competitive rates in the industry,” said Fred Sloan, Vice President and Chief Operating Officer, TAC Energy.
Rubicon announced the RubiconPro buying program at WasteExpo in May, with programs initially providing equipment, financing and now fuel discounts and benefits for independent haulers and trucking companies across North America. Companies interested in RubiconPro can request more information online at www.rubiconglobal.com/pro. RubiconPro participants receive special discounts on goods and services central to a hauler’s operation such as equipment, fuel, maintenance and tires.
Rubicon’s technology-driven waste and recycling model empowers its network of more independent haulers to compete for customers of all sizes, operate more efficiently, and grow their businesses.
Rubicon is based in Atlanta, Ga. and has offices in Lexington, Ky., New York City and San Francisco, Calif.
About FLEETCOR
FLEETCOR is a leading global provider of fuel cards and workforce payment products to businesses. FLEETCOR’s payment programs enable businesses to better control employee spending and provide card-accepting merchants with a high volume customer base that can increase their sales and customer loyalty. FLEETCOR serves commercial accounts in North America, Latin America, Europe, and Australia/New Zealand.
About TAC Energy
TAC Energy is a Dallas, TX-based independent national wholesale fuels distributor of refined petroleum products. Customers include unbranded gasoline and diesel retailers, industrial users, transportation, trucking, government, utilities, mining, construction, plus any other commercial user or reseller of fuel. TAC Energy has an annualized fuel volume of well over 1.5 billion gallons, and a vast terminal supply network with regional sales offices that span the continent. Learn more at www.tacenergy.com.
About Rubicon Global
Rubicon Global is the worldwide leader in sustainable, cloud-based waste and recycling solutions. Using its proprietary technology-enabled platform, the company provides comprehensive waste stream solutions that enable companies to reduce operating expenses and implement recycling programs. Rubicon’s goal is to create a more sustainable solution for businesses and the planet. Learn more at www.rubiconglobal.com. See the original release on the Rubicon Global website.
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Wholesale Gasoline Prices Have Dropped To Their Lowest Levels Since Last Christmas
Wholesale gasoline prices have dropped to their lowest levels since last Christmas, after 3 weeks of selling that will give consumers across most of the country something to be thankful for this week. Crude oil and diesel prices have also come under pressure and are currently holding near technical support levels that look pivotal for price action for the remainder of the year.
One unusual note about this selloff: WTI has slipped into a slight contango with the December contract trading roughly 20 cents less than January, a phenomenon we haven’t seen in over a year. That shift in the price curve follows reports that European refiners are actually oversupplied with crude oil, as traders have done too good of a job preparing for the upcoming embargo on Russian imports. Now that crude oil inventories are filling up ahead of their December deadline, the question is if the same feat can be accomplished for diesel before that ban hits in February.
Right on cue, Kuwait’s new 600mb/day refinery, the largest in the Middle East, continues to slowly bring units online, and reportedly sold its first distillate cargo into the export market this week. While the new refining capacity is certainly welcomed in a world starving for diesel fuel, the challenge will be finding enough cargoes to get that fuel where it needs to go, and tanker rates that are surging as a result.
Meanwhile, while many headlines focused on Qatar not serving beer at the world cup, the country was closing on the longest supply deal in history to supply China with LNG for 27 years. Long term deals are critical in the LNG market that requires billion dollar facilities to be able to freeze the gas before it can be loaded on ships, and as part of the reason the world is essentially “sold out” on new LNG for the next 3-4 years.
Money managers reduced their length in petroleum contracts last week with a combination of new short positions and liquidated longs both contributing to the drop. The total positions held, and the open interest in all contracts continues to suggest there’s plenty of money that’s not playing in the energy arena these days, and whether or not it ever comes back may have a large impact on how prices behave in the coming year.
Baker Hughes reported a net increase of 1 oil rig and 2 natural gas rigs drilling in the US last week. The total of 623 oil rigs is the highest since the pandemic shutdown started in March 2023, but is still 60 rigs lower than pre-COVID levels.
Click here to download a PDF of today's TACenergy Market Talk.
The Energy Complex Is Seeing A Third Straight Day Of Heavy Selling To Start Friday’s Session
The energy complex is seeing a third straight day of heavy selling to start Friday’s session, with WTI once again dropping below $80/barrel and gasoline prices across large parts of the US approaching their lowest levels of the year. ULSD has also given up its relative strength temporarily as time, crack and basis spreads have all come under heavy selling pressure this week, and outright prices dropping below $3.50, which sets up a potential test of the $3.10 range in the coming weeks.
On November 8th, prompt ULSD in New York cost $4.97/gallon, and today will go for around $3.70 as the best cure for high prices is high prices motto played out once again and resupply options from around the world are starting to reach the harbor. It’s worth noting that despite the big drop in New York values, the price to buy space on Colonial’s diesel line, or the other smaller lines moving product North and West, have continued to move higher as it looks like the Gulf Coast will be long distillates for some time as transportation options struggle to keep up with production.
The West Coast has seen a similar phenomenon with gasoline prices over the past 10 days, with LA and San Francisco CARBOB values dropping roughly $1/gallon in the past 10 days after a refinery fire turned out to be a non-event, and run rates in the region have moved to above average levels in the past few weeks.
The forward curve charts below show that the selling in refined products over the past month has been fairly steady across the next 3 years, reinforcing the idea that this pullback has to do with concerns about consumption, rather than an easing of the tight supply situation. Crude oil on the other hand has actually seen values in the outer months tick higher while more current prices have dropped, which could be a sign that refiners may be selling forward cracks (short products/long crude) to lock in values that are historically very high, even if they’re not record setting like we’ve seen this year.
The scramble continues to save an Italian oil refinery that will be forced to close once Europe’s oil embargo on Russian crude takes effect in a few weeks. That refinery has become a microcosm for global energy supplies as Europe desperately needs all the distillate output from the facility, while the plant has also become a notable “loophole” to get Russian oil to the US.
Click here to download a PDF of today's TACenergy Market Talk.
Energy Futures Are Bouncing This Morning After Heating And Crude Oil Futures Carved Out Fresh Multi-Month Lows
Energy futures are bouncing this morning after heating and crude oil futures carved out fresh multi-month lows. The prompt month distillate contract is leading the way higher this morning, trading up over a dime to start the day.
Gasoline prices are exchanging hands 4 ½ cents higher than they settled yesterday. WTI futures are up over $1 per barrel.
Hurricane Ian is dominating both national and industry-specific headlines as it makes landfall in Cuba this morning. Localized flooding, high winds, and a sizeable storm surge are the main concerns of the residents in its path, namely the densely populated Tampa Bay area.
As of now, oil production platform closures and the temporary shuttering of refined product terminals along the storm’s path are the only impacts Ian has had on energy infrastructure.
But prices just came down? There are increasing calls from market participants (investment banks) for OPEC’n’friends to cut back supply in an effort to put a floor under oil prices.
Click here to download a PDF of today's TACenergy Market Talk.