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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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February 26th, 2013
Gasoline futures in New York tumbled the most since November as Brent crude and refined products in Europe declined. Crack spreads narrowed.
March futures fell as much as 3.1 percent. The April crack spread, or premium of gasoline over West Texas Intermediate crude on Nymex, declined $1.48 to $42.48 a barrel. The spread versus Brent crude on the ICE Futures Europe exchange in London shrank $1.05 to $21.58 a barrel. Brent slipped as Italy’s borrowing costs rose to a three-month high on concern political stalemate will worsen the country’s debt crisis.
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February 12th, 2013
Gasoline futures advanced in early trading as crude climbed after OPEC forecast stronger fuel demand in emerging economies. Calendar spreads weakened.
Gasoline futures for March delivery rose as much as 0.8 percent. West Texas Intermediate oil gained 0.5 percent. The Organization of Petroleum Exporting Countries raised its global oil demand estimate by 80,000 barrels a day from last month’s report. The March contract’s discount to April increased to the widest contango since Feb. 29.
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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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September 4th, 2012
Gasoline and heating oil futures fell as U.S. Gulf Coast refineries came back online after Hurricane Isaac, boosting supply, and a contraction in U.S. manufacturing indicated oil demand may shrink.
Gasoline futures sank after Valero Energy Corp. and Phillips 66 started three refineries, the last three plants remaining shut because of Hurricane Isaac. West Texas Intermediate crude oil fell $1.17 to settle at $95.30 a barrel after the Institute of Supply Management’s factory index fell to 49.6 in August.
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August 27th, 2012
Gasoline Futures – U.S. stocks fell while Treasuries rose as investors awaited a speech from Federal Reserve Chairman Ben S. Bernanke to gauge the outlook for monetary policy. Apple Inc. (AAPL) surged after winning a patent case.
The S&P 500 slipped less than 0.1 percent to close at 1,410.44 at 4 p.m. in New York. Apple rallied to a record. Ten- year Treasury yields lost four basis points to 1.65 percent. Spot gasoline on the U.S. Gulf Coast rose to the highest price in almost four years after refineries shut as Tropical Storm Isaac approached Louisiana. The Stoxx Europe 600 Index rose and Spain’s bonds halted a three-day drop.
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Aug 22, 2012
Gasoline futures rose after the Energy Department reported stockpiles declined for a fourth consecutive week.
Gasoline supplies fell 962,000 barrels to 202.7 million in the seven days ended Aug. 17, according to department data. The median estimate of 12 analysts surveyed by Bloomberg called for a 1.35 million-barrel decrease.
September-delivery gasoline rose 0.69 cent to $3.0721 a gallon at 10:35 a.m. on the New York Mercantile Exchange. Prices were $3.0675 before the report’s release at 10:30 a.m. in Washington.
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August 16th, 2012
Gasoline retreated from a 15-week high as an increase in U.S. jobless claims and a drop in housing starts increased concern that economic growth may slow, reducing fuel demand.
Gasoline futures sank as the number of Americans filing for unemployment benefits climbed by 2,000 to 366,000 in the week ended Aug. 11, the Labor Department said. Construction of new homes sank 1.1 percent in July, Commerce Department data show. Gasoline demand typically declines after the Labor Day holiday, which falls this year on Sept. 3. Emissions specifications in fuel will loosen after the summer, expanding available supply.
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June 13th, 2012
Gasoline futures rose as the Energy Department reported that demand for the motor fuel surged last week to the highest level since August.
Gasoline futures gained as deliveries to wholesalers increased 482,000 barrels, or 5.6 percent, to 9.13 million barrels a day. Inventories fell unexpectedly even as refiners pushed rates to the highest level since August 2007.
“Demand is up and you’re coming into gasoline season, you have utilization up and products drawing,” said David Pursell, a managing director at Tudor Pickering Holt & Co. LLC in Houston.
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June 4th, 2012
Gasoline futures rose, reversing an earlier loss, as the dollar fell against the euro after European leaders agreed to discuss more cooperation among banks using the European benchmark currency.
Gasoline futures advanced as a weaker dollar boosted the investment appeal of commodities. The euro was up 0.6 percent against the U.S. benchmark after German Chancellor Angela Merkel said systemic banks may need supervision at the European level as the European Union weighs possible steps toward “political union.”
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