Oil futures trade higher, shaking off a jump in U.S. gasoline inventories.
Oil futures rose Thursday, on track for back-to-back gains and a fifth winning session out of the last six, as bulls shook off a sharp rise in U.S. gasoline inventories to focus on improving refining margins.Oil futures rose Thursday, on track for back-to-back gains and a fifth winning session out of the last six, as bulls shook off a sharp rise in U.S. gasoline inventories to focus on improving refining margins.
Price action Market drivers Oil rose Wednesday despite data from the Energy Information Administration that showed inventory increases of 2.7 million barrels for gasoline and 5.1 million barrels for distillates last week. Analysts surveyed by S&P Global Commodity Insights had forecast weekly climbs of 750,000 barrels for gasoline and 1 million barrels for distillates.
But the seemingly unwelcome news was offset by refineries running at high capacity amid improving crack spreads — the differential between the cost of crude and the price of the products that can be refined from it. “Make no mistake about it, gasoline up during the first week of summer driving season is not going to give the energy market the kind of boost that traders want to see, but the counterpunch is the run rate cooking oil at 95.8% of capacity is going to make a lot of product, and it is unreasonable to expect the market to sop up all that gasoline and distillate,” said Robert Yawger, executive director for energy futures at Mizuho, in a note.
Meanwhile the gasoline crack spread rose 6.9% and the heating oil crack spread gained 2.7%, he said, with traders appearing to be “more impressed with the spike in the run rate, and the increase in demand, versus the big builds in products.”
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