Gasoline prices are displayed at an Exxon gas station behind American flag in Edgewater, New Jersey, U.S., June 14, 2022.
By September and October, gasoline stocks were increasing rather than falling as is normal at this point in the year.
Gasoline margins fell by three-fourths to an average of less than $10 per barrel in October, among the lowest for a decade.
In the meantime, the lower intake added to crude inventories and accelerated the pullback in crude prices and calendar spreads.
Related columns:- U.S. oil prices slide as stocks accumulate at Cushing (November 16, 2023)- Oil traders turn bearish, daring OPEC⁺ to cut again (November 14, 2023)- Oil prices slump as fundamentals reassert themselves (November 9, 2023)John Kemp is a Reuters market analyst.
Persons:
Mike Segar, Cushing, John Kemp, David Evans
Organizations:
Exxon, REUTERS, U.S . Commodity Futures Trading Commission, Thomson, Reuters
Locations:
Edgewater , New Jersey, U.S, Cushing