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Summary US jobs data dampens hope for near-term interest rate cuts Goldman Sachs forecasts Brent rise to $86 in third quarter Other analysts expect inventory draws to support prices (Reuters) – Oil prices edged up on Monday, buoyed by hopes of rising fuel demand this summer, though gains were capped by a strengthening of the …
Oil Nudges Higher on Hopes of Summer Fuel Demand Read More »
(Reuters) – The U.S. gasoline market is flashing signs of weakness at the start of summer driving season, a time it generally picks up strongly, and analysts say this clouds the picture for oil demand ahead of the OPEC+ group policy meeting that kicks off this weekend. U.S. gasoline demand fell about 2% week-over-week to 9.15 million barrels a …
Weak U.S. Gasoline Demand Compounds Pressure on Oil Ahead of OPEC+ Meet Read More »
U.S. crude oil refiners aim to operate above 90% of their combined processing capacity for the remainder of the quarter after completing planned overhauls, said analysts contacted by Reuters. Strong spring production levels have retail gasoline prices on par with a year ago, according to motorist group AAA. The nationwide average price for a gallon …
US Refiners Boosting Fuel Output Past 90% of Capacity for Summer Driving Season Read More »
U.S. gasoline prices and refining margins have come under pressure as inventories deplete more slowly than normal for this time of year, indicating supplies are plentiful, and undermining the bullish case for the fuel. Just over a month ago, investors had amassed one of the largest bullish positions in U.S. gasoline futures and options since …
Investors Abandon Bullish Case for U.S. Gasoline: John Kemp Read More »
Gasoline demand growth to slow this year on EV growth in China, U.S. Summary China to make up more than half of global EV sales in 2024, impact gasoline demand European margins to weaken after new Nigeria refinery ups output U.S. gasoline consumption likely to be flat in 2024 -analysts (Reuters) – Global petrol demand …
Gasoline Demand Growth to Slow This Year on EV Growth in China, U.S. Read More »
The cost of gas at the pump is already up 18% this year, but Congress is urging tougher sanctions enforcement. With only six months to go before the election, President Joe Biden’s strategy to lower gasoline prices is in jeopardy. The administration’s soft approach to sanctions on oil from Iran, Russia and Venezuela has been key …
Biden Strategy to Tame Gas Prices Is in Peril as Iran Sanctions Pressure Mounts Read More »
Portfolio investors have amassed one of the largest bullish positions in U.S. gasoline futures and options since before the coronavirus pandemic, anticipating that prices will continue climbing over the next few months. U.S. gasoline has emerged as the most attractive part of the petroleum complex for investors betting prices will rise further this year in …
Investors Bet on Further Rise in U.S. Gasoline Prices: John Kemp Read More »
(Reuters) – India’s fuel consumption fell 0.6% year-on-year in March, but demand for the 2024 financial year was up about 5%, primarily driven by higher automotive fuel and naphtha sales. Total consumption, a proxy for oil demand, totalled 21.09 million metric tons (4.99 million barrels per day) in March, down from 21.22 million tons (5.02 …
India’s Fuel Demand Hits New FY Record, up About 5% Read More »
U.S. motorists are likely to see gasoline prices turn sharply higher in the coming weeks as major refinery outages have cut supplies ahead of a seasonal jump in demand, analysts said. The national average price for a gallon of gasoline has increased more than 9% from the start of the year to hover around $3.40 …
US Pump Prices Set to Jump as Refinery Outages Nip Supply, Analysts Say Read More »
U.S. crude oil stockpiles fell unexpectedly last week while gasoline inventories slumped as demand for the motor fuel rose even as refiners ramped up activity after maintenance and outages, the Energy Information Administration (EIA) said on Wednesday. After six straight weeks of builds, crude inventories fell by 1.5 million barrels to 447 million barrels in …
U.S. Gasoline Stockpiles Slump More Than Forecast on Higher Demand – EIA Read More »
