• 6 minutes Saudis Threaten Retaliation If Sanctions are Imposed
  • 11 minutes Can the World Survive without Saudi Oil?
  • 15 minutes Saudis Pull Hyperloop Funding As Branson Temporarily Cuts Ties With The Kingdom
  • 32 mins WTI @ $75.75, headed for $64 - 67
  • 4 hours Uber IPO Proposals Value Company at $120 Billion
  • 2 hours The Dirt on Clean Electric Cars
  • 47 mins Trump vs. MbS
  • 11 hours Saudi-Kuwaiti Talks on Shared Oil Stall Over Chevron
  • 3 hours Closing the circle around Saudi Arabia: Where did Khashoggi disappear?
  • 8 hours COLORADO FOCUS: Stocks to Watch Prior to Midterms
  • 11 hours EU to Splash Billions on Battery Factories
  • 11 hours UN Report Suggests USD $240 Per Gallon Gasoline Tax to Fight Global Warming
  • 5 hours U.N. About Climate Change: World Must Take 'Unprecedented' Steps To Avert Worst Effects
  • 32 mins Poland signs 20-year deal on U.S. LNG supplies
  • 1 min Coal remains a major source of power in Europe.
  • 8 hours Nopec Sherman act legislation
Alt Text

Hurricane Michael’s Impact On Gasoline Demand

Hurricane Michael had a significant…

Alt Text

Oil Markets Take A Bearish Turn

Oil markets appear to have…

Alt Text

How A Carbon Tax Would Be Implemented

A rather simple solution to…

Jim Hyerczyk

Jim Hyerczyk

Fundamental and technical analyst with 30 years experience.

More Info

Trending Discussions

Oil & Gasoline Market Summaries – 1st August 2014

Gasoline Futures

Nearby Gasoline futures continued their sell-off this week. The market is now trading below 2.8261, or less than 62% of its 2014 range. The catalyst behind the selling pressure is increasing gasoline stockpiles. The relatively limited gasoline demand is the fundamental force driving gasoline prices lower.

The futures chart indicates downside momentum is increasing. This may mean lower prices over the near-term. The chart indicates the 2.7500 to 2.7000 area may be the best target.

 

This week, the Energy Information Administration (EIA) reported that gasoline stockpiles grew by 400,000 barrels to 218,236 the week-ended July 25. This was the highest level since mid-March. This kept gasoline inventories in the upper half of the five-year average range. Supply at the New York Harbor is at its highest seasonal level since 2008 according to the EIA. All of these factors are contributing to lower gasoline prices. The nearby futures daily chart shows gasoline prices at their lowest level since early April.

 

Supporting the idea that limited gasoline demand is the driving force behind the increased supply was the EIA’s Total Motor Gasoline Supplied figure. This EIA measure of consumption averaged 8.9 million barrels a day for the past four weeks. This is down by close to 1% over the same period a year ago.

 

Gasoline prices are expected to continue to decline as inventories rise. According to AAA,…

To read the full article

Please sign up and become a premium OilPrice.com member to gain access to read the full article.

RegisterLogin

Trending Discussions





Oilprice - The No. 1 Source for Oil & Energy News