By Brian Milne, Energy Editor for Schneider Electric Gasoline futures traded on the New York Mercantile Exchange are down nearly 30% from their June high to Oct. 10, and possibly more stunning have erased 19.3% of their value in 11 days from the late September high while the U.S. retail average for gasoline is down…
Rethinking Oil Demand Expectations
By Brian Milne, Energy Editor at Schneider Electric The outlook for global oil demand suddenly got gloomy, with the futures markets for crude, gasoline and diesel selling off hard in ushering in the fourth quarter, as market participants raced to the exits, unloading long positions. A tenth of a penny increase in the U.S. retail…
Gasoline’s Whipsaw Trade in Oversold Market
By Brian Milne, Energy Editor, Schneider Electric The gasoline futures contract nearest to physical delivery traded in a more than 25cts gallon range in September with little less than two days of trade for the month remaining, which included sharp daily reversals in what is known as whipsaw price action late in the month ahead…
Road to Lower U.S. Gasoline Prices To Take Brief Detour
By Brian Milne, Energy Editor for Schneider Electric. The U.S. gasoline futures contract dropped to a fresh low for 2014 mid-September that coincided with the shift away from summer specification gasoline to easier to manufacture fuel while the national average price for retail gasoline sunk to a seven-month low. The national average is down 5.1cts…
Dropping Like a Rock—Beware of Falling Gasoline Prices
By Brian Milne, Energy Editor for Schneider Electric Just under $2.50 gallon is where the U.S. gasoline futures market found support during the second week of September amid a massive selloff in domestic and global crude oil prices, with lower trending oil battered by bearish readings for forward oil demand by the three major forecasters.…
Holiday Boosts Downstream Gasoline Deliveries
By Brian Milne, Energy Editor for Schneider Electric The U.S. average price for regular grade gasoline sold at retail outlets across the country edged up 0.5cts to $3.459 gallon on Labor Day according to the Energy Information Administration’s weekly survey, with the increase the first in 10 weeks. The slightly higher retail average came alongside…
“Take Two” for U.S. Gasoline Demand
By Brian Milne, Energy Editor for Schneider Electric. A month in front of the Labor Day holiday in the U.S., the unofficial end of the peak summer driving season, gasoline demand spiked from what has been lackluster consumption this summer, with preliminary data showing a surge in demand to the highest weekly rate so far…
U.S. Gasoline Demand Disappoints this Summer
By Brian Milne, energy editor for Schneider Electric. What looked like a recovery for U.S. gasoline demand during the second quarter fizzled this summer, with demand continuing to slip below the year-ago pace and the five-year average since mid-June with the exception of one week. In the United States, driving demand is highest during the…
Early Season Pop in US Gasoline Demand Fades
By Brian Milne, energy editor for Schneider Electric. In the futures market for U.S. oil products, the gasoline contract has taken a backseat to Ultra-low Sulfur Diesel futures, with the ULSD contract used in hedging winter fuels, among other benchmarking uses. The transition away from interest in gasoline during its peak consumption season comes as…
Speculators Unload Long Positions in Gasoline Contract
By Brian Milne, Energy Editor for Schneider Electric. Speculators holding positions in the U.S. gasoline contract unwound 30% of their bets that gasoline prices in the United States would increase, with the gasoline contract dropping to a 3-1/2 month low mid-July as the market looks to higher refinery runs offsetting peak seasonal demand. Nearest delivered…