According to recent data, gasoline prices in the US are slowly escalating due to a slight uptick in implied demand. Although crude oil prices remain steady, any indication of higher demand could result in a minor price increase at the pump. AAA reports that the national average for regular unleaded gasoline is currently at $3.58 per gallon, which is a two-cent increase compared to last week, and a four-cent increment since last month. While fuel demand has remained stable, there are growing concerns about the supply side as Saudi Arabia plans to reduce production levels in July. However, global crude oil prices were not impacted by this decision, and instead rumors of increased Iranian oil production were to blame. Even though the White House refuted these reports, crude oil prices declined nonetheless before bouncing back later. The Energy Department’s weekly data shows mixed results for refined petroleum products, with the total amount of refined petroleum products sent to the market declining by 0.2% compared to the same period last year. However, gasoline levels increased by 1.8%. Refineries are currently running at almost full capacity, having achieved an operating rate of 95.8%. Nonetheless, the severe wildfires in Canada leading to heavy smoke in the Eastern United States might cause a decline in demand for refined petroleum products in the near future. Despite this, the federal government raised the price forecast for both crude oil and gasoline in its energy market report for June.
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