BY Brian L. Milne, Energy Editor, Schneider Electric Preliminary data from the Energy Information Administration (EIA) shows unseasonably strong demand for gasoline during the fourth quarter, holding above the five-year average for nearly all weeks during the last three months of the year after keeping below the seasonal average consistently during the first six months…
Diminished Upside Price Pressure for Gasoline Expected in 2014
By Brian L. Milne, Energy Editor, Schneider Electric Reformulated Blendstock for Oxygenate Blending gasoline futures traded on the New York Mercantile Exchange fell to a one-month spot low Dec. 13 at $2.6152 gallon, pressured on building supply and weakening demand. NYMEX RBOB futures values are benchmarked against in the spot gasoline market and guides suppliers…
Climbing Wholesale Costs to Push Retail Gasoline Prices Higher
By Brian L. Milne, Energy Editor, Schneider Electric The U.S. retail average for gasoline prices is poised for an increase coming into the second week of December after the Energy Information Administration (EIA) reported a 2.1 cents decline to $3.272 gallon in its national average for the week-ended Dec. 2 amid higher wholesale costs, especially…
Manufacturing Gains Boost Crude, Gasoline Contracts
By Brian L. Milne, Energy Editor, Schneider Electric RBOB gasoline futures trading on the New York Mercantile Exchange moved higher with the West Texas Intermediate crude contract in trading on the first day of December following the Thanksgiving Day weekend, with the upside lent support from an unexpected expansion in manufacturing activity in the U.S.…
Iran Deal Pressures Gasoline Futures
Brian L. Milne, Energy Editor, Schneider Electric On the heels of a fresh upside technical breakout on the charts, the nearest delivered gasoline futures contract trading on the New York Mercantile Exchange was under selling pressure following news over the weekend Iran reached a deal with the permanent members of the United Nations Security Council…
U.S. Retail Gasoline Average Drops as Crude Supply Builds
Brian L. Milne, Energy Editor, Schneider Electric The Energy Information Administration (EIA) said its U.S. gasoline price average for regular grade sold at retail outlets across the U.S. dropped 7.1 cents to its lowest point in two years, eight months at $3.194 gallon during the week-ended Nov. 11, with the average down 25.5 cents from…
Bottoming Action for Gasoline Futures?
By Brian L. Milne, Energy Editor, Schneider Electric The nearest delivered gasoline futures contract—reformulated blendstock for oxygenate blending, fell below $2.50 gallon in trading on the New York Mercantile Exchange for the first time since 2011, trading at a $2.4945 23-month low Nov. 7. The contract, which has technical support at the $2.4440 gallon November…
Gasoline Prices Tumble as U.S. Crude Supply Builds
By Brian L. Milne, Energy Editor, Schneider Electric Seasonal weakness has dovetailed with building crude supply in the U.S. to pressure gasoline values with retail prices last tallied at a 10-month low while in futures trading the nearby contract is retracing the down move to the November 2011 low at $2.4440 gallon. November is prime…
Libya Output Cuts, Wavering on Fed Tapering Supports Gasoline
By Brian L. Milne, Energy Editor, Schneider Electric After sliding to a 16-month low Oct. 24 at $2.5417 gallon, New York Mercantile Exchange November RBOB futures rallied 10cts through Monday (10/28), underpinned by technical support, news Libya oil production was sharply reduced and on market expectations the Federal Reserve would continue its bond buying program…
Wholesale Gasoline Prices Slide Mid-October
By Brian L. Milne, Energy Editor, Schneider Electric Wholesale gasoline costs moved lower mid-October, declining despite little change in the week-over-week value for gasoline futures through Oct. 18, with the New York Mercantile Exchange RBOB futures contract rallying to a one-month high at $2.7240 gallon Oct. 16 on news a deal to end the government…