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.

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July 3rd, 2012

Gasoline Futures – U.S. gasoline prices at the pump, headed to $4 a gallon in April, are dropping toward $3 as the July Fourth holiday approaches, giving consumers relief and a boost to President Barack Obama’s re-election campaign.

Retail prices have fallen 15 percent to $3.329 from a peak of $3.936 on April 4, according to Heathrow, Florida-based AAA, the largest U.S. motoring group. They’re also 6.6 percent lower than a year ago, underscoring how slowing economies are sapping demand even as an embargo on Iranian oil starts.

Republican criticism of Obama’s energy policies has faded as oil fell as much as 29 percent from this year’s high in February and stockpiles ballooned to the most in 22 years. Americans bought less gasoline in the four weeks ended June 26 than a year earlier even as prices dropped, MasterCard Inc. (MA) data show. Last month, the Federal Reserve cut its estimate for U.S. growth, Spain became the fourth euro-region country to seek an international bailout and China’s manufacturing shrank.

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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.”

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June 25th, 2012

Gasoline futures gained, outperforming heating oil and crude, on speculation that refinery closures in North America and Europe may make summer-blend gasoline inventories tight along the U.S. East Coast.

Unleaded gasoline futures rose after the U.K.’s Coryton refinery stopped operating, at least the sixth plant European plant to close since the start of 2011. Hovensa LLC’s St. Croix refinery in the U.S. Virgin Islands is shut and Monroe Energy LLC isn’t expected to open the idled Trainer, Pennsylvania, refinery in time for the summer driving season.

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November 14th, 2011

Gasoline futures slid to a five-week low as demand for the motor fuel dropped before the U.S. Thanksgiving holiday and refineries completed repairs and increased production.

Gasoline futures sank as consumption in the week ended Nov. 4, averaged over four weeks, was 5.6 percent below a year earlier, Energy Department data showed. Gasoline’s discount to heating oil was the widest in three years. Gasoline traded at a discount to London benchmark Brent crude, and its premium over West Texas Intermediate crude slipped to the lowest level in 11 months.

“We’re seeing the return of a couple of refining units on the Gulf Coast and supplies may be increasing as we head into the holidays,” said Andy Lipow, president of Lipow Oil Associates LLC in Houston. “In light of reduced demand, supplies appear to be adequate.”

Gasoline futures for December delivery fell 7.06 cents, or 2.7 percent, to $2.5332 a gallon at 11:35 a.m. on the New York Mercantile Exchange. It was the fifth straight decline and longest losing streak since Aug. 4. Prices touched $2.494, the lowest intraday price since Oct. 4.

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