crude oil futures news

crude oil futures news

January 21st, 2016

Gasoline futures had earlier this week traded as low as $1.0005 — the weakest price in seven years.

But on Thursday, a weekly report from the US energy department showed domestic gasoline, or petrol, consumption was a robust 9.1m barrels per day, up nearly 600,000 b/d from a week before.

Nymex February gasoline futures rose 2.6 per cent to $1.0442 per gallon.

“The market is reacting to the weekly change in demand,” said Andy Lipow, president of Lipow Oil Associates, a consultant in Houston.

Petrol is an important indicator for the strength of the US economy. As retail prices dropped below $2 a gallon in the US, Americans have flocked to the highways and started buying more pickup trucks and bigger cars. The average fuel economy of new vehicles is down by almost a mile per gallon since mid-2014, according to the University of Michigan Transportation Research Institute.

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gasoline futures

gasoline futures

February 5, 2015

Retail gasoline in the U.S. has risen 8.4 cents in the past two days, according to Heathrow, Florida-based AAA, the largest two-day increase since March 2011. The national average hasn’t fallen since Jan. 25, when it broke a 123-day losing streak.

The spike at the pump follows a 14 percent gain in oil prices and maintenance shutdowns at refineries. Demand for gasoline is at the highest seasonal level since 2008.

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gasoline futures brokers

gasoline futures brokers

December 18, 2014

U.S. drivers are paying less than $2.50 a gallon at the pump for the first time in more than five years.

Retail gasoline prices slipped to an average $2.477 a gallon last night, data from the Heathrow, Florida-based motoring group AAA showed. That’s down from this year’s peak of $3.696 in April, and the first time the average has dipped below $2.50 since October 2009.

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gasoline futures

gasoline futures

June 30th, 2014

Commodity Speculators boosted bets that gasoline prices will rise on prospects for the most Independence Day traffic in seven years and fighting in the Middle East.

Money managers increased net-long positions by 7.6 percent in the week ended June 24, U.S. Commodity Futures Trading Commission data show. Long positions advanced 5.5 percent and shorts fell 0.3 percent.

Americans traveling by car over the July 4th weekend will pay the most for fuel since 2008, AAA said last week. Pump prices are at the highest level for the period in six years, data from the motoring organization show. Gasoline advanced with crude this month after insurgents captured the northern Iraqi city of Mosul and advanced toward Baghdad.

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unleaded gasoline futures

gasoline futures

June 23rd, 2014

Gasoline in the U.S. climbed this week, boosted by a surge in oil, and is expected to reach the highest level for this time of year since 2008.

The pump price averaged $3.686 a gallon yesterday, up 1.2 cents from a week earlier, data posted on the Energy Information Administration’s website late yesterday show. Oil, which accounts for two-thirds of the retail price of gasoline, gained $2.49 a barrel on the New York Mercantile Exchange in the same period and $4.88 in the month ended yesterday.

The jump in crude, driven by concern that the crisis in Iraq will disrupt supplies, may boost pump prices by 10 cents a gallon at a time when they normally drop, according to forecasts including one from the EIA.

“If things deteriorate even more, the spike could be even bigger than that,” Phil Flynn, a senior market analyst at Price Futures Group in Chicago, said by telephone. “If it weren’t for the situation in Iraq, gasoline would be coming down by now. This will probably keep it elevated all summer. It’s really disappointing.”

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unleaded gasoline

gasoline futures

gasoline1gasoline1gasoline1gasoline1gasoline1May 29th, 2014

Gasoline futures climbed in New York after a tornado-damaged Louisiana refinery shut a crude unit and a government report showed U.S. inventories tumbled.

Prices rose as much as 0.8 percent. Marathon Petroleum Corp. (MPC)’s Garyville, Louisiana, plant, the nation’s third-largest, suffered damage to a cooling tower and shut a crude unit following the tornado yesterday. Motor fuel stockpiles dropped 1.8 million barrels to 211.6 million in the week ended May 23, according to Energy Information Administration data released today.

“The Garyville issue is significant because it’s one of the largest refineries in the country and there’s still no indication of how long it’s going to be down,” said Jim Ritterbusch, president of Ritterbusch & Associates LLC in Galena, Illinois. “The market tends to price in a worst-case scenario.”

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unleaded gas futures

gasoline futures

May 21st, 2014

Gasoline futures rose in New York as demand increased before the start of peak driving season in the U.S. and as West Texas Intermediate crude climbed to a one-month high.

Futures climbed as much as 1 percent as WTI increased 1.9 percent. Demand for the motor fuel over the past four weeks grew to 8.94 million barrels a day, the highest level since November and an increase of 5.3 percent from a year ago. Memorial Day, which falls this year on May 26, marks the unofficial start of the summer driving season. The fuel’s crack spread to WTI dropped to a seven-week low.

“The focus here is that we’re going into a holiday weekend and demand should be high,” said Carl Larry, president of Oil Outlooks & Opinions LLC in Houston.

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Gasoline Futures Advance

On June 18, 2013, in gasoline futures trading news, by Infinity Trading
gasoline options

Gasoline futures advance

June 18th, 2013

Gasoline rose after reports showed the U.S. housing market is strengthening, boosting optimism that fuel demand will improve. Crack spreads widened.

Gasoline futures gained as housing starts climbed 6.8 percent in May to a 914,000 annualized rate. Permits to build single-family homes increased 1.3 percent to a 622,000 pace, the fastest in five years. A report yesterday showed the Federal Reserve Bank of New York’s general economic gauge, known as the Empire State index, climbed to 7.8 this month from minus 1.4 in May, signaling future expansion.

“On top of yesterday’s Empire stats, the housing data was positive,” said Gene McGillian, an analyst and broker at Tradition Energy in Stamford, Connecticut. “We continue to get indications that economy is improving.”

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Gasoline Follows WTI Crude Higher

On May 8, 2013, in gasoline futures trading news, by Infinity Trading
unleaded gasoline futures

gasoline futures rise

May 8th, 2013

Gasoline rose, following West Texas Intermediate crude higher, after an industry report yesterday that oil inventories at the storage hub of Cushing, Oklahoma, declined last week.

Gasoline futures gained as much as 0.6 percent. WTI rose 0.8 percent and its discount to Brent crude on ICE Futures Europe narrowed to $8.29 a barrel, the lowest level since January 2012. Gasoline’s crack spread versus WTI narrowed 11 cents to $23.27 a barrel, and the fuel’s premium over Brent widened 40 cents to $14.

“It’s following WTI and waiting for the big report today to see if there’s any indication of demand,” said Phil Flynn, senior market analyst at Price Futures Group in Chicago.

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October 24th, 2012

Gasoline fell for a 10th consecutive day, extending a losing streak to the longest since the start of New York futures trading in 1986, as fuel supplies surged to the highest level in almost two months.

Gasoline futures slipped after the Energy Department reported stockpiles rose 1.44 million barrels to 198.6 million, the highest level since Aug. 31. The median forecast by 11 analysts surveyed by Bloomberg called for an increase of 500,000 barrels. The fuel is down 22 percent this month as refineries, including Delta Air Lines Inc. (DAL)’s Trainer plant, started units.

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