More from Infinity
Gasoline Futures – California-blend gasoline weakened against futures amid analyst estimates that U.S. stockpiles of motor fuels increased last week.
Stockpiles of gasoline probably rose 875,000 barrels from 230.1 million barrels last week, the median of 10 responses in a Bloomberg News survey of analysts. The Energy Department reports inventory statistics tomorrow at 10:30 a.m. in New York.
Carbob in Los Angeles slipped 1.75 cents to a premium of 10 cents a gallon against gasoline futures traded on the New York Mercantile Exchange at 4:12 p.m. East Coast time, according to data compiled by Bloomberg. Prompt delivery of the fuel fell 1.79 cents to $3.0275 a gallon.
The discount for Carbob in San Francisco widened 1.25 cents to 3.5 cents against futures.
U.S. gasoline stockpiles rose 4.43 million barrels last week, the American Petroleum Institute’s weekly report showed. Distillate fuel inventories gained 386,000 barrels, the API report said.
API collects stockpile information on a voluntary basis from operators of refineries, bulk terminals and pipelines. The government requires that reports be filed with the Energy Department for its weekly survey.
California-blend, or CARB, diesel in Los Angeles weakened 1.13 cents to a discount of 0.25 cent to Nymex heating oil futures. San Francisco CARB diesel weakened 0.5 cent to a discount of 0.5 cent to futures.
The discount to futures for conventional, 87-octane gasoline in Portland, Oregon, narrowed 3 cents to 16 cents.
–With assistance from Lynn Doan in San Francisco and Moming Zhou in New York. Editors: Richard Stubbe, Charles Siler
- Gene Laverty in Calgary at Bloomberg.
Gasoline futures jumped to the highest level since August and amid signs Greece is near an agreement with its creditors.
Futures rose 1.1 percent this week after gasoline surged on speculation that refinery outages and plant closures will cut supplies. Olli Rehn, the European Union’s commissioner for economic and monetary affairs, said an agreement is “very close” on private-sector involvement in a Greek debt swap.
“The closing of a number of refineries in the Northeast is making people very supply-conscious during a period with weak gasoline demand,” said Peter Beutel, president of trading advisory company Cameronhanover.com in New Canaan, Connecticut. “Expectations that they will put together a Greek deal soon are lifting the entire complex.”
Crude oil futures for March delivery increased $1.10 this week to settle at $99.56 a barrel on the New York Mercantile Exchange. Prices have climbed 16 percent in the past year. Futures slipped 14 cents today.
Brent oil for March settlement gained $1.60, or 1.5 percent, this week to $111.46 a barrel on the London-based ICE Futures Europe exchange. The futures ended today’s session up 67 cents, or 0.6 percent.
Gasoline futures for February delivery advanced 8.02 cents, or 2.8 percent, today to $2.9268 a gallon, the highest settlement since Aug. 31. Prices gained 5.1 percent this week.
Continue reading »
Continue reading »