• 3 minutes e-car sales collapse
  • 6 minutes America Is Exceptional in Its Political Divide
  • 11 minutes Perovskites, a ‘dirt cheap’ alternative to silicon, just got a lot more efficient
  • 4 hours Could Someone Give Me Insights on the Future of Renewable Energy?
  • 16 hours How Far Have We Really Gotten With Alternative Energy
  • 2 days "What’s In Store For Europe In 2023?" By the CIA (aka RFE/RL as a ruse to deceive readers)
  • 2 days Bankruptcy in the Industry
  • 3 days The United States produced more crude oil than any nation, at any time.
Why Shell Has Soured on The London Stock Exchange

Why Shell Has Soured on The London Stock Exchange

British multinational oil & gas…

Saudi Aramco Eyes Stake in Chinese Petrochemical Firm

Saudi Aramco Eyes Stake in Chinese Petrochemical Firm

Saudi Arabia’s oil giant, in…

Editorial Dept

Editorial Dept

More Info

Premium Content

Will Waning Gasoline Demand Drag Oil Prices Down?

Oil prices

West Texas Intermediate Crude Weekly Analysis

This week's crude oil market has been marked by several significant events influencing May West Texas Intermediate (WTI) futures. The trends observed ranged from economic policy decisions to geopolitical developments, each playing a crucial role in shaping the market's direction.

Declining Gasoline Demand

One of the primary factors impacting crude oil prices this week was the unexpected decline in U.S. gasoline demand. According to the U.S. Energy Information Administration, gasoline product supplied, a key measure of demand, fell below 9 million barrels. This reduction is significant as gasoline demand has been a cornerstone supporting recent oil price rallies. The decline suggests a potential overvaluation in gasoline markets, indicating that the bullish sentiment might be waning.

Potential Impact of Ceasefire in Gaza

Geopolitical events also played a role in shaping the oil market's trend. The United States drafted a U.N. resolution for a ceasefire in Gaza, aiming to facilitate the exchange of Israeli hostages and Palestinian detainees. This development, while primarily a diplomatic initiative, has repercussions in the oil market, potentially easing tensions in a region central to global oil supply, thus exerting downward pressure on prices.

Federal Reserve's Monetary Policy

The Federal Reserve’s monetary policy continues to influence market perceptions. This week, the U.S. central…

Leave a comment

Leave a comment

EXXON Mobil -0.35
Open57.81 Trading Vol.6.96M Previous Vol.241.7B
BUY 57.15
Sell 57.00
Oilprice - The No. 1 Source for Oil & Energy News