• 9 minutes WTI @ 67.50, charts show $62.50 next
  • 11 minutes The EU Loses The Principles On Which It Was Built
  • 19 minutes Batteries Could Be a Small Dotcom-Style Bubble
  • 1 hour Permian already crested the productivity bell curve - downward now to Tier 2 geological locations
  • 2 hours CO2 Emissions Hit 67-Year Low In USA, As Rest-Of-World Rises
  • 9 hours Saudi Fund Wants to Take Tesla Private?
  • 10 hours Starvation, horror in Venezuela
  • 14 hours Is NAFTA dead? Or near breakthrough?
  • 14 hours Are Trump's steel tariffs working? Seems they are!
  • 13 hours How To Explain 'Truth Isn't Truth' Comment of Rudy Giuliani?
  • 11 hours The Discount Airline Model Is Coming for Europe’s Railways
  • 5 hours Desperate Call or... Erdogan Says Turkey Will Boycott U.S. Electronics
  • 1 hour China goes against US natural gas
  • 4 hours Saudi PIF In Talks To Invest In Tesla Rival Lucid
  • 5 hours Film on Venezuela's staggering collapse
  • 9 hours Corporations Are Buying More Renewables Than Ever
Alt Text

Iran’s Latest Tactic To Save Market Share

Iran cut oil prices for…

Alt Text

Saudi Arabia And Iran Reignite The Oil Price War

As U.S. sanctions on Tehran…

Alt Text

Oil Markets Are In For A Bumpy Ride

After a somewhat quiet summer,…

Jim Hyerczyk

Jim Hyerczyk

Fundamental and technical analyst with 30 years experience.

More Info

Trending Discussions

Strong Demand For Gasoline Shifts Momentum To Upside

April Unleaded Gasoline surged this week, indicating that prices may have reached an important low. The trend is still down, however, momentum has shifted to the upside.

“We are in mid-February , and 45 out of 50 states have a gas average below $2 per gallon, said Jeff Pelton, a GasBuddy.com petroleum analyst. “Sadly, these incredibly low gas prices won’t be here forever, as refineries talk of production cuts.”

The recent price action in the futures market seems to be suggesting the same.

A gasoline glut has pushed prices down, with inventories in the Midwest reaching their highest level in 23 years. Cheap crude and high output from refineries has helped create huge inventories in the region, but this may be coming to an end if the seasonal factors start to gain control.

With crude oil prices showing signs of forming a support base, gasoline prices may be ready to take off to the upside because of seasonal demand and expected reductions in refinery production.

This week, the U.S. Energy Information Administration reported a 3.5 million barrel increase in crude oil supplies for the week ended February 17. This was slightly above the estimate, but well below the American Petroleum Institute’s 7.1 million barrel increase reported for the same time period on February 23.

In the U.S. however, total production fell by 33,000 to 9.1 million barrels a day last week, the EIA report said. According to the data, output…

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