Traders are lining up to export gasoline and diesel from New York Harbor, an area that normally relies on fuel imports from Europe and eastern Canada, shipping data compiled by Bloomberg show. While at least 6 cargoes that were headed to New York from Europe in January and early February were diverted to the Caribbean or the U.S. Gulf Coast, that wasn’t enough to stem the oversupply building up in terminals along the Eastern Seaboard.
Category: US Energy Systems
Mallinckrodt Will Pay $100 Million to Settle Price-Hike Suit
Irish drugmaker Mallinckrodt Plc agreed to pay $100 million to settle claims that its U.S. unit illegally boosted the price of a rare autoimmune drug by 85,000 percent and bought the rights to a much-cheaper competitor to keep it out of the American market. The unit monopolized the market for years to increase sales of its H.P. Acthar Gel, typically used to treat multiple sclerosis, infantile spasms and other life-threatening diseases, the Federal Trade Commission said Wednesday in a statement.
Oil Slips As EIA Report Shows Larger-than-expected Climb In Inventories
Oil futures trade modestly lower Wednesday after the U.S. Energy Information Administration reported that domestic-crude supplies climbed, but inventories of gasoline and distillates, which include heating oil and diesel, declined in the week ended Dec. 16. Crude supplies rose 2.2 million barrels. That was contrary to the 2.3-million-barrel fall expected by analysts polled by The Wall Street Journal.