Oil Surges on Biggest Jump in U.S. Gasoline Demand in 11 Months - Bloomberg:
Oil rose after the U.S. reported the biggest jump in gasoline demand since last year, offering a glimmer of hope that consumption could gradually return as major producers continue to cut output to counter a global glut.
West Texas Intermediate futures surged as much as 36% Wednesday. U.S. gasoline stocks fell by 3.67 million barrels compared to an estimated build of 2.49 million, according to the U.S. Energy Information Administration. Weekly gasoline supplied, an indicator of demand, rose by 549,000 barrels, the most since May.
“That was a nice surprise to the market,” Nick Holmes, portfolio manager at Tortoise, said regarding better-than-expected results for crude inventory and gasoline supply in the EIA report.
Valero Energy Corp. said in its first quarter earnings conference call that it sees gasoline demand to recover gradually, along with jet fuel at a slower pace. The company sees the best recovery in demand in the Midwest.
Oil rose after the U.S. reported the biggest jump in gasoline demand since last year, offering a glimmer of hope that consumption could gradually return as major producers continue to cut output to counter a global glut.
West Texas Intermediate futures surged as much as 36% Wednesday. U.S. gasoline stocks fell by 3.67 million barrels compared to an estimated build of 2.49 million, according to the U.S. Energy Information Administration. Weekly gasoline supplied, an indicator of demand, rose by 549,000 barrels, the most since May.
“That was a nice surprise to the market,” Nick Holmes, portfolio manager at Tortoise, said regarding better-than-expected results for crude inventory and gasoline supply in the EIA report.
Valero Energy Corp. said in its first quarter earnings conference call that it sees gasoline demand to recover gradually, along with jet fuel at a slower pace. The company sees the best recovery in demand in the Midwest.
No comments:
Post a Comment