America use for gasoline in the summer?

Latest News

• Reuters NEW YORK, July 20 - On Wednesday, oil prices fell as a result of U.S. government data showing reduced demand for gasoline during.

The busiest summer travel period and as central banks' increases in interest rates to combat inflation stoked concerns that the global economy would stall, which would reduce demand for energy.

After TC Energy reported that the Keystone pipeline, one of Canada's main oil export routes, was operating at lower rates for a third day, prices started to recover throughout the session.

 Concerns about tighter supplies were raised while repairs on a South Dakota electricity facility owned by a third party progressed.

To end the month of September at $106.92 a barrel, Brent crude prices decreased by 43 cents. WTI crude for the United States declined $1.96 to end at $102.26 per barrel in August. On Wednesday, the WTI contract expires.

At $99.88 per barrel, down 86 cents, the more active September WTI contract was settled.

According to official statistics, U.S. gasoline inventories (USOILG=ECI) increased by 3.5 million barrels last week, significantly above experts' predictions in a Reuters poll for a 71,000-barrel increase.

The data revealed that gasoline product supply, a proxy for demand, was roughly 8.5 million barrels per day, or about 7.6 percent lower than at the same period last year.

According to the statistics, the supply of gasoline products, which serves as a proxy for demand, was nearly 8.5 million barrels per day, or about 7.6% less than during the same time last year.

According to data, U.S. crude inventories (USOILC=ECI) decreased by 446,000 barrels last week contrary to analysts' predictions of a 1.4 million-barrel increase. ​

Oil prices have been wildly fluctuating as a result of supply concerns brought on by Western sanctions on Russia and concerns that the fight against inflation may hurt the global economy and reduce demand.

As investors reduced their exposure to risky assets on Friday due to worries that the Federal Reserve will keep rising U.S. interest rates, open interest in futures on the New York Mercantile Exchange reached its lowest level since September 2015.

While U.S. shale oil output is increasing at a moderate rate, analysts anticipate that limited oil supply will continue to support prices.

According to Stephen Brennock of oil trader PVM, "OPEC+ will have limited room to expand output in the next months, which will support prices."

Limited supply have caused Brent inter-month spreads to widen into backwardation at about 4.50 dollars per barrel, keeping Brent prices above $105 per barrel. Prices in the front month are greater than prices in the following months in a backwardated market.