Gasoline prices are in retreat from all-time highs at both the wholesale and retail level. “Gasoline demand weakness against historical seasonal strength is pressing retail prices lower,” Brian Milne, analyst at DTN, told MarketWatch.
Gasoline prices are in retreat from all-time highs at both the wholesale and retail level, signaling that an earlier surge to all-time highs took a toll on fuel demand despite the so-called summer driving season.
The Energy Information Administration on Wednesday reported that gasoline inventories rose 3.5 million barrels last week. Analysts surveyed by S&P Global Commodity Insights had looked for a rise of 400,000 barrels. Refiners, in response to strong margins as a result of gasoline’s earlier surge, have cut refinery runs, but continued running near 94% capacity. Taken together, this has allowed gasoline inventories to build, rising by more than 9.3 million barrels in the first two weeks of July alone, Milne noted.
The RBOB gasoline crack spread was down 1.39% to $31.90 and traded to a low of $31.70 versus the nearly three month low of $31.36 from Tuesday, he said.
Canada Latest News, Canada Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Why buyers are snapping up this new Jeep—and paying quite a bit for itThis year, Americans bought almost twice as many of the Jeep Wrangler 4xe as they did any other model of plug-in hybrid.
Read more »
Why the Union are Philadelphia’s best chance for a championship right nowIf that sounds crazy to you, know that the other teams’ issues are part of why. But there are some actual reasons why the Union could win it all this year.
Read more »
Why 'free' shipping isn’t freeFedEx, UPS and Amazon make deliveries on behalf of retailers advertising “free” shipping — but that is a myth. Watch the video to learn more.
Read more »
I used to work at McDonald’s: Why you should skip the fries and shakesA former employee is going viral for revealing some of the allegedly dark “McMysteries of McDonald’s.”
Read more »
Ask Amy: Why do I love bomb?Dear Amy: I was reading your column and the topic of “love bombing” came up. That’s me! That’s what I do! What the hell is wrong with me and how do I stop?!
Read more »
Why More and More Democrats Want Trump to Declare SoonA formal reentry by Donald Trump into the political arena could be very good news electorally for both Democrats and the president — arguably even the best realistic chance of a political turnaround right now. gdebenedetti reports
Read more »