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US Daily Oil Summary: Gasoline Pump Prices Falling

OIL

US gasoline pump prices have fallen for the third straight week, according to GasBuddy, with declines in all 50 states.

  • The average US gasoline pump price is currently $3.638/gal, down 12.2 cents/gal on the week and 15.5 cents/gal lower than the September average, GasBuddy data showed.
  • OPIS reports US gasoline demand around the 8.3-8.5 million bpd range based on its latest survey figures. OPIS said last week’s EIA figure for product supplied – a proxy for demand – underestimated real levels by about 250,000 bpd.
  • USD: Firmer price action for equities and lower US yields weighed on the greenback on Tuesday, with the USD index falling around 0.3%. Gains across G10 were broad based but modest, with outperformance seen in the emerging market FX basket
  • Treasury yields are sharply lower in the restart of cash trade following Monday's holiday, but are off session lows, with futures weakening.
  • POLITICAL RISK: With Congress paralysed by the absence of a speaker of the House of Representatives, there are questions over how the White House can receive authorisation for a package of security assistance for Israel.
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