Shell, 76 and Mobil all Bump Price UP to $4.13 After Asian Benchmark Breaches $108 A Barrel

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Guam – Gas prices are up, again. All 3 of the island’s gasoline supplies have raised their price per gallon for regular unleaded to $4.13.

Shell started the move Friday raising its price for regular unleaded by 5 cents from $4.08 to $4.13.  Mobil and 76 followed suit over the weekend, as expected.

The last price hike was an 8-cent boost on January 14th.

The price of gasoline is being heavily influenced by events events in the Middle East where troops and protesters continued to clash in Bahrain, Libya and Yemen.

Guam gets its gasoline from Singapore, where the Malaysian crude oil known as Tapis is used as a pricing benchmark.

Tapis is not traded on a market like Brent Crude or West Texas Intermediate, but it is used as the oil marker for Asia, Australia and Guam.

* Tapis Crude was pegged at $US108.21 a barrel Friday in Singapore. [Yahoo Finance.]

The other 2 widely used benchmarks are West Texas Intermediary crude and Brent crude.

West Texas Intermediate serves as the benchmark on the New York Mercantile exchange which generally sets prices for the mainland North American market. And the North Sea’s Brent crude is traded in London and generally serves as the benchmark for pricing in Europe.

* West Texas Intermediate oil for April delivery rose 87 cents to settle at $89.71 a barrel Friday on the New York Mercantile Exchange. [Tulsa World]

* Brent crude on Friday was trading for $102.52 on the ICE Futures exchange in London.[Tulsa World]

 

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