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Oil down slightly
Source: Agencies |
July 17, 2013, Wednesday
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GASOLINE rose to the highest price in five weeks in the US yesterday, as the recent spike in oil continues to filter down to the consumer level.
The average price for a gallon of gas rose 2 cents overnight to US$3.635 (96 cents a liter), the highest since June 10. That's 15 cents a gallon more expensive than a week ago and 24 cents more than American drivers were paying at this time last year.
Oil is up about 10 percent so far this month. It has been jolted higher by unexpectedly sharp drops in US crude and gasoline inventories, which suggest stronger demand. The military ouster in early July of Egypt's president has also added a premium to crude, reflecting the risk of supply disruptions from political instability in a country that controls the Suez Canal.
Yesterday the price of oil moved lower along with US stock markets. Benchmark crude for August delivery fell 32 cents to finish at US$106 a barrel on the New York Mercantile Exchange.
This week's direction in oil and gasoline futures could be determined by fresh information on US stockpiles.
Data for the week ending July 12 is expected to show a decline of 2.5 million barrels in crude oil stocks and no change in gasoline stocks, according to a survey of analysts by Platts, the energy information arm of McGraw-Hill Cos.
The American Petroleum Institute will release its report on oil stocks later yesterday, while the report from the Energy Department's Energy Information Administration - the market benchmark - will be out today.
If the market forecast is confirmed, it could bolster the case of those traders and analysts who believe oil will rise further because US energy demand is rising in step with faster hiring.
In London, Brent crude was down 6 cents to end at US$108.02 a barrel on the ICE Futures exchange.
In other energy futures trading on Nymex:
- Wholesale gasoline rose 3 cents to finish at US$3.13 a gallon.
- Heating oil gained 2 cents to end at US$3.05 a gallon.
- Natural gas was flat at US$3.68 per 1,000 cubic feet.
The average price for a gallon of gas rose 2 cents overnight to US$3.635 (96 cents a liter), the highest since June 10. That's 15 cents a gallon more expensive than a week ago and 24 cents more than American drivers were paying at this time last year.
Oil is up about 10 percent so far this month. It has been jolted higher by unexpectedly sharp drops in US crude and gasoline inventories, which suggest stronger demand. The military ouster in early July of Egypt's president has also added a premium to crude, reflecting the risk of supply disruptions from political instability in a country that controls the Suez Canal.
Yesterday the price of oil moved lower along with US stock markets. Benchmark crude for August delivery fell 32 cents to finish at US$106 a barrel on the New York Mercantile Exchange.
This week's direction in oil and gasoline futures could be determined by fresh information on US stockpiles.
Data for the week ending July 12 is expected to show a decline of 2.5 million barrels in crude oil stocks and no change in gasoline stocks, according to a survey of analysts by Platts, the energy information arm of McGraw-Hill Cos.
The American Petroleum Institute will release its report on oil stocks later yesterday, while the report from the Energy Department's Energy Information Administration - the market benchmark - will be out today.
If the market forecast is confirmed, it could bolster the case of those traders and analysts who believe oil will rise further because US energy demand is rising in step with faster hiring.
In London, Brent crude was down 6 cents to end at US$108.02 a barrel on the ICE Futures exchange.
In other energy futures trading on Nymex:
- Wholesale gasoline rose 3 cents to finish at US$3.13 a gallon.
- Heating oil gained 2 cents to end at US$3.05 a gallon.
- Natural gas was flat at US$3.68 per 1,000 cubic feet.
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