By Brian Milne, Energy Editor, Schneider Electric Gasoline prices in the primary wholesale spot market in the United States rallied on the final trading day of January on a spike by oil futures triggered by a weekly report on US rig drilling activity, an attack on the Iraq city of Kirkuk by the Islamic State,…
Supply Push Driving U.S. Gasoline Demand Higher
By Brian Milne, Energy Editor, Schneider Electric In the U.S., gasoline demand was the strongest in 2014 during the final full week of the year even though historically driving demand is greatest during the summer months, with demand during the fourth quarter averaging 90,000 bpd or 0.9% more at 9.11 million bpd than the June…
Low Oil Prices and U.S. Gasoline Demand Elasticity
By Brian Milne, Energy Editor, Schneider Electric A more than 30% drop in the U.S. retail gasoline price average from the end of June to mid-December has spurred greater gasoline consumption in the U.S., with two of the three highest weekly demand rates in 2014 occurring in November and December. There have been a host…
U.S. Gasoline Demand Nosedives After Thanksgiving
By Brian Milne, Energy Editor, Schneider Electric. Preliminary data from the Energy Information Administration shows gasoline demand in the United States dropped 9.3% to a six-month low during the week following Thanksgiving Day, a busy travel holiday, tumbling from the second highest weekly rate of demand for 2014. Gasoline supplied to the primary wholesale U.S.…
U.S. Gasoline Prices Take Dive as OPEC Stands Pat
By Brian Milne, Energy Editor for Schneider Electric Far from unexpected, the Organization of the Petroleum Exporting Countries rolled over their production quota at their meeting in Vienna, Austria, during the U.S. Thanksgiving Day holiday, triggering a steep selloff in thinned down trading for crude oil and gasoline futures. The 12-member producer group at their…
U.S. Gasoline Marketers Eye Bountiful Demand Over Thanksgiving Holiday
Gasoline demand in the U.S. is expected to be robust over the Thanksgiving Day holiday, with travel projected to reach a seven-year high on a cheerier consumer smiling as retail gasoline prices hover at a four-year low. “Holiday joy has come early this year with Americans likely to pay the lowest Thanksgiving gas price since…
U.S. Gasoline—Another Psychological Barrier Breached
By Brian Milne, Energy Editor, Schneider Electric Refining units returning from seasonal maintenance, notably along the heavy concentration of processing capacity along the U.S. Gulf Coast, during the first week of November sparked another leg down in the gasoline futures contract traded on the New York Mercantile Exchange that broke below psychological support at $2…
U.S. Gasoline Demand Pops As Retail Prices Break Below $3 Gallon
By Brian Milne, Energy Editor, Schneider Electric For the first time since late 2010, the U.S. retail gasoline price average for regular grade slipped below $3 gallon, with the Energy Information Administration reporting a $2.99 gallon average on Nov. 3 in its weekly survey. The average has more downside, with lower wholesale costs still working…
Diesel Demand In U.S. Seen Sliding Despite Climbing LDV Sales
By Brian Milne, energy editor, Schneider Electric The U.S. consumer’s past aversion to diesel operated light duty vehicles is subsiding as evidenced by rising vehicle sales and a broader offering of models by auto manufacturers. Despite this evolution, domestic diesel demand is expected to trend lower in 2017 and thereafter, as heavy duty vehicles increasingly…
U.S. Gasoline Futures Finds Bottom
By Brian Milne, Energy Editor, Schneider Electric The freefall in New York Mercantile Exchange (NYMEX) traded gasoline futures looks to have been arrested, halted near long-term support at $2.1354 gallon after nose diving 62.3 cents or 23% from a late September high to mid-October low. Retail prices have more downside. NYMEX Reformulated Blendstock for Oxygenate…