AAA Daily Fuel Gauge Report for Friday, 1/15/21
National Average Price for Regular Unleaded Current: $2.378; Month Ago: $2.172; Year Ago: $2.571. National Average Price for Diesel Current: $2.618; Month Ago: $2.480; Year Ago: $3.008.
https://gasprices.aaa.com/
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Crude Climbs as U.S. Storage Nosedives and Foreign Orders Jump
Futures advanced 0.9 percent in New York. American crude inventories tumbled by 6.5 million barrels last week, more than double the average estimate in a Bloomberg survey. Exports surged by the most on record as domestic explorers sent cargoes to foreign shores where they fetched higher prices. “Crude inventories are just taking a nose-dive,” Matt Sallee, who helps manage $16 billion in oil-related assets at Tortoise Capital Advisors LLC, said by telephone. The price gap that’s making American oil more attractive to overseas buyers is “supporting pretty robust exports.” Yet, gasoline stockpiles rose for a sixth week and diesel supplies unexpectedly edged higher. Click Read More below for additional information.
Oil in Bull Market Nears $52 on Signs U.S. Stockpiles Declined
“The API numbers did surprise, and I would be even more surprised to see them being repeated,” said Ole Hansen, head of commodity strategy at Saxo Bank A/S. “We have reached a price level with which even OPEC is likely to be satisfied. I’m not sure whether Russia would like to play ball for such an extended period especially into the peak demand season.” Gasoline stocks rose by 1.47 million barrels and distillates fell by 4.53 million barrels last week, the API reported Tuesday, according to a person familiar with the data. U.S. crude inventories probably rose by 3.1 million barrels, according to the Bloomberg survey before an Energy Information Administration report. Click Read More below for more of the story.