US Department of Energy has requested to meet with refiners about prices by June 21

Dhwani Mehta FXStreet

The US Department of Energy has requested to meet with refiners to discuss prices no later than June 21, Reuters reported, citing sources with knowledge of the matter.

The sources also reported that the US Energy Secretary has requested a meeting with refining executives about gas prices no later than June 21.

This comes after US President Joe Biden wrote to energy refiners on Wednesday, asking them to explain why they are not putting more fuel on the market as they reap windfall profits. Biden is under immense political pressure over sky-high gasoline prices.

Exxon Mobil, in response to repeated calls from the US administration, said: We’ve been investing through the downturn to increase refining capacity…kept investing even during the pandemic when we lost >$20B and had to borrow >$30B to maintain investment to increase capacity to be ready for post-pandemic demand.”

Markets move fast. We move first.

Orange Juice Newsletter brings you expert driven insights - not headlines. Every day on your inbox.

Editor's Picks

EUR/USD eases toward 1.1700 as USD recovers

EUR/USD stays on the back foot and declines toward 1.1700 on Friday. The pair faces headwinds from a renewed uptick in the US Dollar as investors look past softer US inflation data. However, the EUR/USD downside appears capped by expectations of the Fed-ECB monetary policy divergence.

GBP/USD steadies below 1.3400 as traders assess BoE policy outlook

Following Thursday's volatile session, GBP/USD moves sideways below 1.3400 on Friday. Investors reassess the Bank of England's policy oıtlook after the MPC decided to cut the interest rate by 25 bps by a slim margin. Meanwhile, the US Dollar benefits from the cautious market stance, limiting the pair's upside.

Gold stays weak below $4,350 as USD bulls shrug off softer US CPI

Gold holds the previous day's late pullback from the vicinity of the record high and stays in the red below $4,350 in the European session on Friday. The US CPI report released on Thursday pointed to cooling inflationary pressures, but the US Dollar seems resilient amid a fresh bout of short-covering.

Bitcoin, Ethereum and Ripple correction slide as BoJ rate decision weighs on sentiment

Bitcoin, Ethereum, and Ripple are extending their correction phases after losing nearly 3%, 8%, and 10%, respectively, through Friday. The pullback phase is further strengthened as the upcoming Bank of Japan’s rate decision on Friday weighs on risk sentiment, with BTC breaking key support, ETH deepening weekly losses, and XRP sliding to multi-month lows.

How much can one month of soft inflation change the Fed’s mind?

One month of softer inflation data is rarely enough to shift Federal Reserve policy on its own, but in a market highly sensitive to every data point, even a single reading can reshape expectations. November’s inflation report offered a welcome sign of cooling price pressures.

Ethereum Price Forecast: EF outlines ways to solve growing state issues

Ethereum price today: $2,920. The EF noted that Ethereum's growing state could lead to centralization and weaken censorship resistance. The Stateless Consensus team outlined state expiry, state archive and partial statelessness as potential solutions to the growing state load.