October 15th, 2012

Gasoline futures fell a third straight day on speculation refinery production will increase, boosting supplies of the motor fuel.

Gas futures slid as refiners along the East Coast processed the most oil since December in the week ended Oct. 5, Energy Department data show. Spot gasoline weakened in the East Coast and Gulf Coast markets last week. Speculators cut bullish bets on gasoline 0.3 percent in the week ended Oct. 9, according to the Commodity Futures Trading Commission’s Commitments of Traders report.

Continue reading »

gasoline charts

Gasoline and oil gain

August 3rd, 2012

Gasoline futures and heating oil gained as U.S. payrolls rose more than estimated in July and a sagging dollar boosted the investment appeal of commodities.

Gasoline futures rose after payrolls climbed 163,000, more than the 100,000 median estimate of 89 analysts in a survey by Bloomberg. The dollar fell against the euro after members of German Chancellor Angela Merkel’s coalition signaled they won’t oppose European Central Bank President Mario Draghi’s plan to buy government bonds to ease the region’s debt crisis.

Continue reading »

July 31st, 2012

Gasoline futures declined as Sunoco Inc. (SUN) may start a fluid catalytic cracker today at the largest East Coast refinery and as Enbridge Inc. (ENB) may reopen an oil pipeline tomorrow that serves the Chicago area.

Unleaded gas futures fell as Sunoco plans to start the catalytic cracker today after shutting it July 23 for unplanned work, a person with knowledge of the situation said. Repairs on Enbridge’s 317,000-barrel-a-day pipeline may be completed today.

Continue reading »

June 29th, 2012

Gasoline futures surged the most since March after European leaders eased repayment rules for Spanish banks, alleviating concern that the region’s debt crisis will spread and curb fuel demand.

Futures rose as much as 3.1 percent as leaders of the 17 euro countries dropped requirements that governments get preferred creditor status on aid to Spain’s banks and opened the way to recapitalize lenders directly with bailout funds. The dollar fell the most against the euro since October, increasing the investment appeal of commodities.

“It appears our old friend ‘Rosy Scenario’ has returned to the energy markets,” said Addison Armstrong, director of market research at Tradition Energy in Stamford, Connecticut. “Expectations for this summit were so low any news of a positive nature would cause a bid to come back into the market. All they did was lower temperatures. They haven’t solved the problem.”

Continue reading »