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February 07, 2012
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.
January 27, 2012
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.
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January 20th, 2012
Gasoline futures fell after U.S. demand slid to a 10-year low and as concern that an agreement between Greece and its creditors will take longer to be reached sent the euro lower.
Gasoline futures declined a second straight day as the Energy Department estimated consumption tumbled last week to the lowest level since September 2001. Greek creditors and government officials were scheduled to meet a third day to hammer out details of a debt-swap deal.
“The Greek situation is basically back and forth and that’s kind of a negative for the market,” said Phil Flynn, vice president of research at PFGBest in Chicago. “And gasoline demand is bad.”
Gasoline futures for February delivery fell 2.57 cents, or 0.9 percent, to $2.7901 a gallon at 9:49 a.m. on the New York Mercantile Exchange. Prices have risen 2 percent this week.
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January 18th, 2012
Gasoline futures advanced to a four- month high after Hovensa LLC said it will shut its St. Croix refinery in the U.S. Virgin Islands because of mounting losses and low demand.
Gasoline futures gained 2 percent. The closing of the 350,000- barrel-a-day Hovensa plant, which supplied 2.7 percent of U.S. East Coast gasoline demand in October, follows the shutdown of two Pennsylvania refineries by Sunoco Inc. (SUN) and ConocoPhillips. New York Harbor is the delivery point for reformulated gasoline blendstock, or RBOB, and heating oil futures on the New York Mercantile Exchange.
“In conjunction with the recent Sunoco and Conoco shutdowns, RBOB supplies during the upcoming driving season could become quite tight resulting in significant price volatility, especially if one of the remaining Northeast refineries should have an outage,” said Andy Lipow, president of Lipow Oil Associates LLC in Houston.
Gasoline futures for February delivery rose 5.41 cents to $2.8254 a gallon on the New York Mercantile Exchange, the highest settlement since Sept. 8.
Preliminary volume in electronic trading for gasoline was 185,607 contracts as of 2:37 p.m. in New York, 51 percent above the three-month average. Heating oil volume was 194,200 contracts, 39 percent higher than the average.
Hovensa, a partnership of Hess Corp. (HES) and Petroleos de Venezuela SA, said it will shut the St. Croix plant by mid- February and convert it into an oil storage terminal.
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December 28th, 2011
Gasoline futures fell the most in two weeks on speculation that demand for the motor fuel won’t improve as consumption has failed to keep pace with 2010 levels.
Gasoline futures declined for the first time in seven sessions as consumption in the four weeks ended Dec. 16, measured by deliveries to wholesalers, was 4.7 percent below a year earlier, Energy Department data show. Retail gasoline use through Dec. 23 was down 1.6 percent from 2010, according to MasterCard Inc. (MA)’s SpendingPulse report today.
“There’s continued decline in gasoline demand in a year- on-year comparison,” said Andy Lipow, president of Lipow Oil Associates LLC in Houston.
Gasoline futures for January delivery fell 4.1 cents, or 1.5 percent, to $2.6478 a gallon at 2:13 p.m. on the New York Mercantile Exchange, after touching a low of $2.6388. Prices are up 7.9 percent this year, after rising as much as 41 percent through April 29.
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December 7th, 2011
Gasoline futures fell after an industry- funded report that stockpiles of the motor fuel rose 5.97 million barrels last week.
Gasoline futures declined 1.2 percent after the American Petroleum Institute showed the stockpile increase late yesterday. The Energy Department may report a supply gain of 875,000 barrels in the week ended Dec. 2, according to the median estimate of 12 analysts in a survey by Bloomberg News.
“The refiners refined everything they had and we saw a big surge in gasoline inventories that put a damper on the gasoline market,” said Phil Flynn, vice president of research at PFGBest in Chicago.
Gasoline futures for January delivery fell 3.04 cents to $2.615 a gallon at 9:50 a.m. on the New York Mercantile Exchange, after settling yesterday at the highest level since Nov. 8. Prices have risen 6.6 percent this year.
The Energy Department is scheduled to report last week’s inventories at 10:30 a.m. today in Washington. Gasoline stockpiles in the week ended Nov. 25 rose 213,000 to 209.8 million barrels, the highest level in eight weeks, according to the department.
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November 28th, 2011
Gasoline futures surged as equities jumped after sales in the U.S. reached a Thanksgiving holiday record and the dollar declined on speculation European leaders will step up efforts to control the region’s debt crisis.
Gasoline futures rose 2.1 percent after the National Retail Federation reported yesterday that holiday sales gained 16 percent. The dollar sank against the euro, boosting the appeal of raw materials, after German Finance Minister Wolfgang Schaeuble urged fast-track treaty changes to tighten budget discipline.
“Equities are up and the dollar is weak, and we’re getting positive economic sentiment from the fact that sales are up,” said Gene McGillian, an analyst and broker at Tradition Energy in Stamford, Connecticut.
Gasoline futures for December delivery increased 5.16 cents to $2.5005 a gallon at 12:45 p.m. on the New York Mercantile Exchange. Futures rose after sliding Nov. 25 to the lowest level since February.
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