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Jim Hyerczyk

Jim Hyerczyk

Fundamental and technical analyst with 30 years experience.

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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,…

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