Commodities Analysis by Investing.com (Barani Krishnan) covering: Crude Oil WTI Futures, Natural Gas Futures, Heating Oil Futures, ProShares UltraShort Bloomberg Crude Oil. Read Investing.com (Barani Krishnan)'s latest article on Investing.com
If the trend lasts, it could also give the Fed one less reason to hike interest rateshave more wins than losses in what is usually a weak season for oil prices while regular people are paying less than a year ago for
OPEC may have consumers over a barrel with its production cuts, with the latest conflagration in the Middle East not helping oil-importing countries one bit. Yet, Americans have been spared the pain felt by drivers elsewhere in the world from oil prices at or nearer to $90 per barrel. Now, is one of those lean periods for gasoline margins, with the crack for a barrel in the single digits, finishing Thursday at $9.77 for a barrel of the US crude on the spot market. Gasoline deliverable in November closed futures trade in New York on Thursday at $2.3617 per gallon. The average pump price for gasoline was at $3.565 per gallon, according to the American Automobile Association.
So, refiners began chasing the diesel crack then. But then, there was a catch. In order to get to the diesel, you have to crack out the gasoline first. So, whether they liked it or not, we ended up with more gasoline on our hands than necessary.” The export demand for US oil in general is helping line the pockets of American energy firms, and prodding them to continue producing fuels in a big way that, in turn, keeps gasoline prices low at the pump.
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