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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