News & Views
News & Views
News & Views
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.
KTBS 3 Spotlight on TACenergy Leadership COO Fred Sloan - Sharing Thoughts on Changes in the Gas Market
Oil and Gas Prices Impacted by Tensions Oversees
Feb. 25, 2022
By JULIE PARR, KTBS TV
CLICK HERE to view read the original story on KTBS.com>
DALLAS, Texas - A Texas-based fuel supplier says gas prices will likely go up some more before they go down.
TAC Energy CEO Fred Sloan says crude oil prices have been going up over the past year. He says prices are about 35% higher than they were a year ago.
While the war in Ukraine has created some uncertainties in the energy market, Sloan says oil and gas supplies are not an issue for the U.S., and he doesn't believe gas prices will go up dramatically.
"The U.S. market is super elastic, and the U.S. crude supply is not at risk, refinery operations are not at risk, and the fuel that is at the gas station down the street will be there," said Sloan.
He says gas prices are expected to slightly increase in the spring and summer as usual, but as long as there's no major escalations in Europe, prices should slowly decrease of the course of the year.
"Now again, it will be volatile for a while, but the fact of the matter is there is no major supply demand influence that's going to cause prices in our region to get above where we are today," said Sloan.
Meanwhile, Sloan says the Ukraine invasion could have more of an impact on the global grain supply.
Russia and Ukraine together produce nearly a quarter of the world’s wheat.
TACenergy COO Fred Sloan Elected to SIGMA Board of Directors
FOR IMMEDIATE RELEASE
CONTACT: Tad W Perryman, VP Marketing
Dallas, Texas (November 19, 2020) – Fred Sloan, Chief Operating Officer (COO) of TACenergy, a division of TAC - The Arnold Companies, has been elected to the Board of Directors for the Society of Independent Gasoline Marketers of America (SIGMA).
Founded in 1958, SIGMA is the national trade association representing the most successful, progressive and innovative fuel marketers and chain retailers in the United States and Canada. The association has served to further the interests of both branded and unbranded segments of the industry while providing information and services to members.
Sloan has been actively involved as a member of the SIGMA organization since joining TAC in 2013. During this time, he has served on several of the organizations’ committees, including the Young Executive Committee from 2013-2016, Membership Committee from 2015-2016 and the Legislative Committee starting in 2019-2020, and will continue to remain active this next year.
Sloan, who has served as TACenergy COO since 2013, looks forward to harnessing and uniting the capabilities of both organizations in his new role as a SIGMA Board Member furthering education and innovation within the fuel marketing industry as a whole, from upstream to midstream and downstream to the customer. TACenergy serves the midstream fuel market, with volumes exceeding two and a half billion gallons annually from a vast terminal supply network and regional sales offices located across the United States. Sloan also serves on the Board of the Texas Food and Fuel Association and holds positions on several charity boards in the Dallas Metro area.
“I look forward to joining fellow board members and industry leaders through active participation in the growth, education and support of strengthening one of the nation’s core infrastructure needs of supplying fuel to our growing economy. It is my honor to move to a higher level of engagement with this association supporting our industry on a national level via legislative, safety and regulatory efforts by having a seat at the table when federal, and in some cases states, make decisions that impact industry activity. I hope to add value leveraging the TACenergy network of customers, suppliers, carriers and ancillary supporting companies as they are integrally tied to the industry success.”
Sloan is a strategic commercial leader experienced in business line management, physical and futures markets, manufacturing, logistics, operations, P/L and procurement/sales activities. His background includes a Drexel education, with a Chemical Engineering Degree and an MBA in Finance. Sloan is an expert in risk management, inventory management, and developing new businesses. His experience leading large groups of sales and operations personnel, traders, manufacturing personnel and engineers in business functions and across technical areas consistently exceeds goals through leading by communicating. His communication and analytical skills cultivates productive internal and customer relationships and produces synergistic team work. Throughout his career, Sloan has focused on manufacturing operations and technical development, business management and commercial activities.
TACenergy is a Dallas, Texas based independent national wholesale distributor of refined petroleum products. Customers include branded and unbranded gasoline, as well as diesel retailers, industrial users, transportation, trucking, government, utilities, mining, construction, plus many other commercial user or resellers of fuel. TACenergy delivers added value to its customers through customized fuel management programs, a 24/7 Supply & Logistics call center and comprehensive carrier agreements. TACenergy has an annualized fuel volume exceeding 2.7 billion gallons, and a vast terminal supply network with fourteen regional sales offices spanning North America. TACenergy is a division of TAC - The Arnold Companies, a Texas-based aviation and energy marketing company. Learn more at www.tacenergy.com and www.thearnoldcos.com.
Founded in 1958 as the Society of Independent Gasoline Marketers of America (SIGMA), SIGMA has become a fixture in the motor fuel marketing industry. After sixty years of leadership, SIGMA is the national trade association representing the most successful, progressive, and innovative fuel marketers and chain retailers in the United States and Canada. From the outset, the association has served to further the interests of both the branded and unbranded segment of the industry while providing information and services to members.
SIGMA’s approximately 260 corporate members command more 50 percent of the petroleum retail market, selling approximately 80 billion gallons of motor fuel each year. These member companies operate throughout the United States and Canada.
SIGMA’s benefits to member companies include government relations representation before Congress and the Administration, a wide variety of publications and timely mailings, as well as legal advice. The association holds meetings throughout the year to allow marketers and fuel suppliers to meet one-on-one and to give members a chance to participate in informative educational sessions. Leadership of the organization is provided by volunteers from SIGMA’s member companies, giving the association the advantage of advice from some of the most well-respected entrepreneurs in the nation. Learn more at www.sigma.org.
# # #
The Arnold Companies makes major West Coast acquisition
The Arnold Companies makes major West Coast acquisition, expanding the TACenergy supply network and increasing operational efficiencies
Expanding west coast presence and broadening product opportunities extends TACenergy opportunities for growth
Dallas, Texas (November 1, 2019) – TACenergy, a division of The Arnold Companies (TAC), acquires the U.S. wholesale petroleum distribution business of IPC (USA), Inc. (“IPC”) effective November 1, 2019. Terms of the sale between the companies are not being disclosed.
Increasing its west coast presence with a majority of the IPC sales team, TACenergy will maintain offices in Santa Ana, CA, Sacramento, CA and Seattle, WA. The shared expertise and TACenergy resources will allow local sales to continue providing the service expected by existing IPC customers. Along with the competitive fuel prices and reliable supply the TACenergy network offers expanded opportunities to all customers.
“We are very excited to bring on an experienced west coast sales force. The combined team will have a stronger supply footprint, a more efficient administrative machine and the same strong level of service the customer base has experienced,” said TAC Chairman and CEO, Greg Arnold.
Fred Sloan, Chief Operating Officer of TACenergy stated, “We are already working to harness the expertise of both groups to deliver innovation across the wholesale fuel sales network, leveraging national supply resources and managing administrative and logistics capabilities.” Sloan also added, “The acquisition builds upon the existing relationships of unbranded and branded fuel products which include Sinclair gasoline and Neste MY renewable diesel, allowing TACenergy to expand into the renewable diesel category and provide new alternatives for existing customers.”
Image: TACenergy leadership gather to welcome new West Coast associates.Left to Right: Mitch Lewis, General Manager of Sales, SouthwestFred Sloan, Chief Operating OfficerRandy Jones, Vice President of Sales and Operations
Maintaining the west coast offices to strengthen presence in the area for TACenergy, customers will continue working with the people they know. Ted Tanaka, CEO of IPC shared with his team and customers, “Joining the IPC business into the TACenergy network builds an unbeatable combination of services and products to help our customers deliver the same. From the supply network, trading capabilities and office services that provide unprecedented accuracy, the combined expertise will lead the wholesale fuel industry.”
Many of the key operational and sales management team members will be joining TACenergy, including Randy Jones, who joins TACenergy as Vice President of Sales and Operations, covering the combined national footprint of the organization. Mitch Lewis, General Manager of Sales, leading Southern California sales. Jim Harper, General Manager of Sales, managing Northern California and Pacific Northwest sales. All three positions report to Chief Operating Officer, Fred Sloan. Together, the combined team of industry leaders, from back office to frontline sales will position TACenergy to be one of the largest national wholesale fuel suppliers in the country, with annual sales exceeding 2.7 billion gallons and well over $5 billion in revenue.
TACenergy is a Dallas, Texas based independent national wholesale distributor of refined petroleum products. Customers include branded and unbranded gasoline, as well as diesel retailers, industrial users, transportation, trucking, government, utilities, mining, construction, plus any other commercial user or reseller of fuel. TACenergy delivers added value to its customers through customized fuel management programs, a 24/7 Supply & Logistics call center and comprehensive carrier agreements. TACenergy has an annualized fuel volume exceeding 2.7 billion gallons, and a vast terminal supply network with fourteen regional sales offices spanning North America. TACenergy is a division of TAC – The Arnold Companies, a Texas-based aviation and energy marketing company.
# # #
FOR IMMEDIATE RELEASE
CONTACT: Tad W Perryman, VP Marketing
KRLD CEO Spotlight on TACenergy
TACenergy Trader Mark Anderle Quoted by CNBC
US crude dips 5 cents, settling at $74.29, as Chinese stimulus measures shrink early losses
Published 9:14 PM ET Sun, 7 Oct 2018 | Updated 2:35 PM ET Mon, 8 Oct 2018 | ReutersPhoto: Andrew Burton | Getty Images
Oil prices fell on Monday but pared losses along with the U.S. stock market as investors bet that China's economic stimulus steps on Sunday would be sufficient to boost the world's No. 2 economy and bolster its crude demand.
Global benchmark Brent crude slid below $83 per barrel early in the session, partly on concerns the U.S.-China trade war could weaken crude demand in China.
But prices bounced off session lows as investors bet that Sunday's move by China's central bank to slash lenders' reserve requirements would spur economic growth, analysts said.
"Every time China cuts interest rates, they increase oil consumption," said Phil Flynn, an analyst at Price Futures Group in Chicago. "Cooler heads are prevailing."
Oil prices also pared losses after Irving Oil confirmed a "major incident" at Canada's largest refinery in Saint John, New Brunswick following reports of an explosion.
Brent crude hit a session low of $82.66 and then bounced back to trade 43 cents lower at $83.73 per barrel at 2:25 ET. Brent hit a four-year high of $86.74 last week.
U.S. crude ended Monday's session down 5 cents at $74.29, off its session low of $73.07.
Oil traders initially reacted to a selloff in Chinese stocks, but as the U.S. stock market opened higher, "we've pulled back dramatically," said Mark Anderle, an energy trader at TAC Energy.
Also pressuring oil below $83 a barrel in early trade were reports that some Iranian oil exports will keep flowing after the U.S. re-imposes sanctions. Two companies in India have ordered Iranian barrels in November, India's oil minister said on Monday.