• 3 minutes Could Venezuela become a net oil importer?
  • 7 minutes Reuters: OPEC Ministers Agree In Principle On 1 Million Barrels Per Day Nominal Output Increase
  • 12 minutes Battle for Oil Port: East Libya Forces In Full Control At Ras Lanuf
  • 4 hours Oil prices going Up? NO!
  • 2 days Could Venezuela become a net oil importer?
  • 6 hours Renewables to generate 50% of worldwide electricity by 2050 (BNEF report)
  • 5 hours Reuters: OPEC Ministers Agree In Principle On 1 Million Barrels Per Day Nominal Output Increase
  • 2 days Gazprom Exports to EU Hit Record
  • 10 hours Oil prices going down
  • 13 hours Could oil demand collapse rapidly? Yup, sure could.
  • 2 days Oil Buyers Club
  • 2 days Why is permian oil "locked in" when refineries abound?
  • 12 hours Tesla Closing a Dozen Solar Facilities in Nine States
  • 4 hours China’s Plastic Waste Ban Will Leave 111 Million Tons of Trash With Nowhere To Go
  • 10 hours Saudi Arabia turns to solar
  • 2 days EVs Could Help Coal Demand
  • 2 hours Are Electric Vehicles Really Better For The Environment?
  • 1 day Russia's Energy Minister says Oil Prices Balanced at $75, so Wants to Increase OPEC + Russia Oil by 1.5 mbpd
  • 12 hours Battle for Oil Port: East Libya Forces In Full Control At Ras Lanuf
Alt Text

OPEC’s Three Options To Boost Oil Prices

OPEC has been losing relevance…

Alt Text

IEA Does Not Believe Steel Tariffs Will Affect Global Oil Trade

The International Energy Agency’s (IEA)…

Forex Pros

Forex Pros

Forex Pros offers a diverse set of professional tools for Forex, Futures and CFDs. These include real-time data streams, technical and fundamental analysis by in-house…

More Info

Trending Discussions

Falling Gasoline Supplies Push Crude Oil Futures Higher

Crude oil futures were up on Wednesday, trading close to a two-week high after industry data showed that U.S. gasoline supplies fell to the lowest level since June 2009 last week, easing concerns over a slowdown in U.S. demand.

On the New York Mercantile Exchange, light, sweet crude futures for delivery in October traded at USD87.89 a barrel during European morning trade, climbing 0.85%. 

It earlier rose as much as 0.96% to trade at a daily high of USD87.99 a barrel, just below Monday’s two-week high of USD88.03.

The American Petroleum Institute, an industry group, said on Tuesday that U.S. gasoline supplies dropped 5.4 million barrels last week, the largest decline since the week ended March 18.

Total U.S. gasoline stockpiles stood at 205.8 million barrels, the lowest since June 2009.

Energy traders have been closely eyeing gasoline stockpiles in recent weeks to gauge the strength of U.S. demand, as the U.S. driving season is currently in peak gasoline demand period.

The data also showed that crude inventories rose 1.7 million barrels, confounding expectations for a 0.5 million barrel decline.

Later in the day, the U.S. Energy Department was to release its closely-watched crude oil inventories report for the week ended August 12.

The data was expected to show that U.S. crude oil stockpiles fell by 0.5 million barrels, while gasoline supplies were forecast to drop by 2.0 million barrels. 

But gains were limited as the previous day’s meeting between French President Nicolas Sarkozy and German Chancellor Angela Merkel failed to produce a resolution to the region’s ongoing debt crisis. 

Elsewhere, on the ICE Futures Exchange, Brent oil futures for October delivery rose 0.88% to trade at USD110.33 a barrel, up USD22.44 on its U.S. counterpart.

By. ForexPros.com

Forex Pros offers a diverse set of professional tools for Forex, Futures and CFDs. These include real-time data streams, technical and fundamental analysis by in-house experts, and a widely used economic calendar.




Back to homepage

Trending Discussions


Leave a comment

Leave a comment




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