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Gasoline Demand

All articles tagged with #gasoline demand

energy2 months ago•17 min saved

US Crude Inventories Slide as Refiners Ramp Up Runs, Prices Edge Higher

U.S. commercial crude stocks fell 7.2 million barrels to 426.5 million for the week ending June 5, about 5% below the five-year average, per the EIA (API had shown a 9.1 million-barrel draw earlier). Crude prices were higher mid-morning, with Brent around $92.82 and WTI near $89.81. Gasoline inventories rose 200,000 barrels while distillates fell 200,000 as refinery runs increased and gasoline production rose to 9.7 million barrels per day. Total products supplied, a proxy for demand, averaged 20.6 million bpd over the last four weeks, with year-over-year gains in gasoline (8.8 mbpd) and distillates (3.7 mbpd). Distillate stocks remain about 13% below the five-year average.

via Crude Oil Prices Today | OilPrice.com|

#crude-oil-inventories #eia #energy

business5 months ago•4 min saved

Gas prices lag oil as summer blends push costs higher

Even as crude oil prices fall, U.S. gas prices are likely to stay elevated for weeks due to seasonal summer-blend gasoline, higher demand as weather warms, and ongoing Iran-related risk in the Strait of Hormuz; the national average is around $3.54 per gallon with forecasts of roughly $3.55–$3.65, and gas prices may not return to pre-war levels.

via CBS News|

#business #gas-prices #gasoline-demand

business10 months ago•2 min saved

Gas Prices Fall Below $3 Nationwide for the First Time Since 2021

Gas prices in the US have dropped to around $3.05 per gallon, the lowest since May 2021, driven by increased oil supply, lower demand, and geopolitical stability, with projections suggesting prices may fall further to $3 soon.

via Fox Business|

#business #crude-oil #gas-prices

energy2 years ago•1 min saved

Gas prices decline in multiple states, but still higher than national average

Gasoline prices in the United States have dropped below $3 per gallon in 11 states, with falling seasonal demand and the use of less-expensive winter-grade gas contributing to the decline. The states with average pump prices just under $3 per gallon include Alabama, Arkansas, Georgia, Kentucky, Louisiana, Mississippi, Missouri, Oklahoma, South Carolina, Tennessee, and Texas. The national average for gasoline currently sits at $3.36, compared to $3.78 one year ago. Gasoline consumption is expected to decrease next year due to remote work, improved fuel efficiency, and high inflation. Despite volatility in the oil markets, gasoline prices have remained flat or fallen since mid-September.

via Yahoo Finance|

#energy #energy-information-administration #fuel

energy2 years ago•2 min saved

Oil Prices Fluctuate Amidst Demand Concerns and Fed Rates

Oil prices fell as traders focused on demand concerns, with news of potential low gasoline demand in the US and Chinese refiners requesting lower volumes of Saudi crude. While concerns about a supply disruption in the Middle East have diminished, the Gaza war still poses a risk. Fresh economic data from China, including declining consumer prices, added to the bearish sentiment. However, some analysts believe the sell-off in oil is exaggerated, as fundamentals remain tight in the short term.

via OilPrice.com|

#chinese-refiners #demand-concerns #energy

energy2 years ago•2 min saved

Oil Prices Plummet as Bullish Bubble Bursts

Oil prices experienced a significant drop of $5 following the release of the EIA's inventory report, which showed a substantial increase in gasoline inventories and a dramatic decline in demand. This crash came shortly after OPEC+ agreed to maintain production cuts, which should have supported higher oil prices. The decline in prices suggests a larger shift in sentiment rather than a direct reaction to gasoline demand alone. While a recovery is possible, concerns about a potential recession in 2024 may cap future gains. At the time of writing, WTI was trading at $84.31 and Brent at $85.89.

via OilPrice.com|

#eia-inventory-report #energy #gasoline-demand

energy3 years ago•3 min saved

Gas Prices Soar to Record Highs Amidst Heat Wave and Low Oil Supply

Gas prices continue to rise due to efforts to cut global oil production, leading to higher petroleum prices and subsequently increasing pump prices. The end of the U.S. government's release of oil from the strategic reserve, combined with peak summer demand for gasoline, has further squeezed supply. The average price of a gallon in metro Atlanta has risen by 34 cents in a month, with state and federal taxes adding about 50 cents to the cost. Oil prices, which account for at least half the price at the pump, have reached their highest level since early April. Retailers are expected to continue adjusting their prices upwards, and concerns remain about the impact of refinery and pipeline issues on gasoline availability.

via The Atlanta Journal Constitution|

#energy #gas-prices #gasoline-demand

energy3 years ago•1 min saved

Oil Prices Slide Despite OPEC+ Cuts and Inventory Decline

The Energy Information Administration (EIA) reported a weekly inventory draw on crude oil inventories, but it failed to arrest the slide in crude oil prices. The US economy's current mood is the dominant factor in the oil market, and a build in gasoline stocks did not help. The Fed is expected to announce another rate hike, and Congress is locked in debt ceiling negotiations, neither of which is bullish for oil prices. A decline in diesel demand suggests a slowdown in US economic growth. Meanwhile, gasoline demand may be on its way down, too, with driving season around the corner.

via OilPrice.com|

#eia #energy #gasoline-demand