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US Daily Oil Summary: Gasoline Pump Prices Soften

OIL

The average price of US gasoline declined for the first time in two weeks Sep. 25, with further falls on Sep. 26, according to GasBuddy.

  • US gasoline pump prices are averaging $3.795/gal Sep. 26, down 1.5 cents/gal on the previous day and down 5.1 cents/gal on the previous week’s average.
  • Heavy Western Canadian Select’s discount to WTI in Alberta for Q1 has narrowed to $18.90/b from $19.61/b, according to Bloomberg sources, following regulatory approval for the expansion of Canada’s Trans Mountain Pipeline.
  • After being in the green across the board, owing to the early risk-off tone and higher Tsy yields, the USD is now more mixed against G10 peers, with equities and core global FI off session lows.
  • Congress returns today with four days to prevent a government shutdown. The Senate will begin work today on a short-term Continuing Resolution designed to coopt support from moderate Republicans.
  • In a sign that ratings agencies are weary of Congressional dysfunction, Moody's, the last of the ‘big three’ to rate the US economy the equivalent of ‘AAA,’ said in a statement yesterday that a government shutdown would be "credit negative."
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