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Oil Price Update - Gasoline Prices Plummet

OIL PRODUCTS

Gasoline Prices have collapsed, with RBOB at its lowest level since December amid a decade low gasoline demand for this time of year and a surge in gasoline stocks.

  • RBOB NOV 23 down -7% at 2.2$/gal
  • US gasoline crack down -0.9$/bbl at 7.97$/bbl
  • The latest weekly EIA oil data showed four-week average US gasoline demand fell to the lowest since mid-February and the lowest for this time of year since 1997.
  • EIA Weekly US Petroleum Summary - w/w change week ending Sep 29:, Gasoline stocks +6,481 vs Exp +192, Implied mogas demand -605.

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