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Gas industry

Gasoline Prices Rebound as Crude Oil Prices Decline

Strategic Insights

— 2 min read

Gasoline prices in the US regained some lost ground on Thursday, October 26, as unleaded regular gasoline futures for October delivery rose 0.39 cents to 48.39 cents per gallon on the New York Mercantile Exchange. The price increase was attributed to a surprise drawdown of stocks and higher demand. Meanwhile, oil companies continued to reduce wholesale prices of unleaded regular gasoline, with a 0.17 cent cut to 57.67 cents per gallon, according to the nationwide rack price survey produced by The Oil Daily in cooperation with Computer Petroleum Corp. West Texas Intermediate (WTI) crude oil futures for October delivery declined 14 cents to $17.67 per barrel after failing to move above $17.95.

Key Takeaways:

  • Unleaded regular gasoline futures for October delivery rose 0.39 cents to 48.39 cents per gallon on the New York Mercantile Exchange due to a surprise drawdown of stocks and higher demand.
  • Oil companies reduced wholesale prices of unleaded regular gasoline by 0.17 cents to 57.67 cents per gallon, according to the nationwide rack price survey produced by The Oil Daily in cooperation with Computer Petroleum Corp.
  • West Texas Intermediate (WTI) crude oil futures for October delivery declined 14 cents to $17.67 per barrel after failing to move above $17.95.
  • Leading buyers of domestic crude oils raised posted prices 25 cents per barrel, putting WTI contract sales at $16.25.
  • October North Sea Brent futures fell 20 cents to $16.33 per barrel on London's International Petroleum Exchange after failing to rise above $16.69.
  • Spot Dated Brent gained 7 cents to $15.89 per barrel.
  • October No. 2 heating oil prices declined 0.44 cents to 49.63 cents per gallon as the seasonal buildup in winter inventories last week exceeded expectations.
  • Wholesale prices of low-sulfur diesel were raised 0.18 cents to 55.79 cents per gallon, and No. 2 was increased 0.14 cents to 54.44 cents per gallon.
  • October natural gas futures continued to rally on recent cutbacks in gas production by producers, rising 2.8 cents to $1.659 per million British thermal units (MMBtu).
  • Spot prices also edged up 2 cents to $1.41-$1.45 MMBtu at the Louisiana Gulf Coast, despite a report by the American Gas Association that storage reservoirs last week were 85% full.

Statistics:

  • Unleaded regular gasoline futures rose 0.39 cents to 48.39 cents per gallon.
  • Oil companies reduced wholesale prices of unleaded regular gasoline by 0.17 cents to 57.67 cents per gallon.
  • West Texas Intermediate (WTI) crude oil futures declined 14 cents to $17.67 per barrel.
  • Leading buyers of domestic crude oils raised posted prices 25 cents per barrel.
  • October North Sea Brent futures fell 20 cents to $16.33 per barrel.
  • Spot Dated Brent gained 7 cents to $15.89 per barrel.
  • October No. 2 heating oil prices declined 0.44 cents to 49.63 cents per gallon.
  • Wholesale prices of low-sulfur diesel were raised 0.18 cents to 55.79 cents per gallon.
  • October natural gas futures rose 2.8 cents to $1.659 per MMBtu.
  • Spot prices edged up 2 cents to $1.41-$1.45 MMBtu.

Sources:

  • The Oil Daily
  • Computer Petroleum Corp.
  • New York Mercantile Exchange
  • American Gas Association

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