AI
Friday, June 03, 2022 11:17:02 PM
Meanwhile this would seem to undercut stockmule's Buffett conspiracy theory,
that Buffett is manipulating high fuel prices to push the public into electric cars.
Under Buffett's wing, U.S. fuel retailer Pilot leaps into oil trading, eyes refining
By Gary Mcwilliams and Marianna Parraga
/cloudfront-us-east-2.images.arcpublishing.com/reuters/NP6AC4QXD5O6DOY5HZZJA75KLE.jpg)
1/5 Shameek Konar, the CEO of Pilot Co., poses for a portrait at the company's headquarters in Knoxville, Tennessee, U.S.,
October 8, 2021. REUTERS/Harrison McClary
Nov 1 (Reuters) - One of the largest U.S. diesel retailers is assembling a fuels trading, processing and distribution powerhouse that could turn a truck stop operator part-owned by billionaire Warren Buffett into the Walmart of petroleum.
Known best for its Pilot Flying J service stations, Pilot Company has hired veteran energy traders and expanded into Latin America's fuels markets. Under Buffett's wing, the company is quickly broadening into buying, processing, distributing and marketing fuels.
Shameek Konar, a former Castleton Commodities executive who this year became Pilot's chief executive, said in an interview the moves into oil trading, international markets and processing complement its North American retail operations.
"What is happening in crude oil markets, ags (agricultural) markets is very important," said Konar. "The best way to understand the spreads is by being in those markets," he said referring to trading bets on feedstocks and fuels.
Pilot's strategy, said Konar, is to obtain cheaper fuels and expand sales volumes through its own stores and through large retailers and fuel wholesalers, using trading, storage and transportation assets.
"The goal is to integrate the supply chain from a fuel basis," he said. "We are bringing in biodiesel, gasoline components, spending on what markets are available to us."
It also reflects a shrinking business for conventional motor fuels in North America that has led retailers to look for growth in related markets, said strategy consultants.
More - https://www.reuters.com/business/under-buffetts-wing-us-fuel-retailer-pilot-leaps-into-oil-trading-eyes-refining-2021-11-01/
that Buffett is manipulating high fuel prices to push the public into electric cars.
Under Buffett's wing, U.S. fuel retailer Pilot leaps into oil trading, eyes refining
By Gary Mcwilliams and Marianna Parraga
/cloudfront-us-east-2.images.arcpublishing.com/reuters/NP6AC4QXD5O6DOY5HZZJA75KLE.jpg)
1/5 Shameek Konar, the CEO of Pilot Co., poses for a portrait at the company's headquarters in Knoxville, Tennessee, U.S.,
October 8, 2021. REUTERS/Harrison McClary
Nov 1 (Reuters) - One of the largest U.S. diesel retailers is assembling a fuels trading, processing and distribution powerhouse that could turn a truck stop operator part-owned by billionaire Warren Buffett into the Walmart of petroleum.
Known best for its Pilot Flying J service stations, Pilot Company has hired veteran energy traders and expanded into Latin America's fuels markets. Under Buffett's wing, the company is quickly broadening into buying, processing, distributing and marketing fuels.
Shameek Konar, a former Castleton Commodities executive who this year became Pilot's chief executive, said in an interview the moves into oil trading, international markets and processing complement its North American retail operations.
"What is happening in crude oil markets, ags (agricultural) markets is very important," said Konar. "The best way to understand the spreads is by being in those markets," he said referring to trading bets on feedstocks and fuels.
Pilot's strategy, said Konar, is to obtain cheaper fuels and expand sales volumes through its own stores and through large retailers and fuel wholesalers, using trading, storage and transportation assets.
"The goal is to integrate the supply chain from a fuel basis," he said. "We are bringing in biodiesel, gasoline components, spending on what markets are available to us."
It also reflects a shrinking business for conventional motor fuels in North America that has led retailers to look for growth in related markets, said strategy consultants.
More - https://www.reuters.com/business/under-buffetts-wing-us-fuel-retailer-pilot-leaps-into-oil-trading-eyes-refining-2021-11-01/
It was Plato who said, “He, O men, is the wisest, who like Socrates, knows that his wisdom is in truth worth nothing”
Discover What Traders Are Watching
Explore small cap ideas before they hit the headlines.
