Oil falls after U.S. gasoline stocks surge against expectations – Reuters

SourceReuters
SectorOil & Gas
CountryGulf

FILE PHOTO: Crude oil storage tanks are seen in an aerial photograph at the Cushing oil hub in Cushing, Oklahoma, U.S. April 21, 2020. REUTERS/Drone BaseTOKYO (Reuters) - Oil prices fell on Thursday after official figures showed a big increase in U.S. gasoline stocks, causing concerns about demand for crude weakening in the world’s biggest consumer of the resource at a time when supplies around the world are rising.Brent crude eased 36 cents, or 0.6%, to $62.80 a barrel by 0136 GMT.

U.S. oil fell 38 cents, or 0.6%, to $59.39 a barrel.While crude stocks in the United States fell more than forecast by analysts, gasoline inventories jumped sharply, also against expectations, the Department of Energy said on Wednesday.Oil inventories dropped by 3.5 million barrels last week to nearly 502 million barrels, while gasoline stocks increased by 4 million barrels, against expectations of a decline, to just over 230 million barrels, as refiners ramped up production before the summer driving season. [EIA/S]“Refiners may want to pull back on the run rate a bit to keep gasoline storage from challenging the all-time record,” said Bob Yawger, director of energy futures at Mizuho Securities.At the same time, supply is rising across the ...read more...