The US oil supply unexpectedly plummeted last week — and it could keep gas prices high for longer
— the international oil benchmark — also rose on the news, trading as much as 6.8% higher to $122.34 per barrel.
Gas supply is also under pressure. Motor gasoline inventories slid by 2.9 million barrels last week and now sit at the bottom end of the five-year average for this time of year. The declines extend a broad, months-long slump in US oil and gas supply and leave overall oil and petroleum product inventory at extremely tight levels.The report adds even more gloom to an already bleak outlook for US gas prices.
The plateauing of crude prices has kept gas pricier at the pump. The US average gas price edged slightly lower to $4.237 per gallon on Wednesday, according to. While that's down from yesterday's level and the week-ago reading, it still sits near record highs and $1.36 higher than the year-ago average.
Several factors stand to boost crude prices even higher in the coming months. While the US and UK already announced plans to cut themselves off from Russian crude, the EU is still mulling whether to take such action. Doing so would likely drive prices to record highs and further pressure supply in the US.
"The oil market remains very tight and completely fixated over every development with the war in Ukraine," Edward Moya, market analyst at OANDA, said."If it seems likely an EU ban on Russian energy is coming, Brent crude could easily rally to record high territory above the $150 level."Subscribe to push notifications
Deutschland Neuesten Nachrichten, Deutschland Schlagzeilen
Similar News:Sie können auch ähnliche Nachrichten wie diese lesen, die wir aus anderen Nachrichtenquellen gesammelt haben.
U.S. cannot confirm Russian claim on hypersonic missiles -U.S. defense officialThe United States cannot independently confirm or refute a Russian claim over the weekend that it fired hypersonic missiles at a Ukrainian target, but the use of such a weapon makes little sense from a military perspective and could be meant to send a message, a senior U.S. defense official said on Monday.
Weiterlesen »
Help us investigate Texas border security initiativesWe’re looking into Texas’ border security initiatives, including what has worked, what hasn’t and how they affect residents. If you have experience on the border, we’d like to hear from you.
Weiterlesen »
U.S. formally declares Myanmar army committed genocide against RohingyaThe United States formally determined that Myanmar’s army committed genocide and crimes against humanity in its violence against the Rohingya minority.
Weiterlesen »
Russia's Ukraine war threatens to blow US food prices sky-highExperts say American shoppers will begin to see higher grocery bills as the war in Ukraine threatens global food supplies.
Weiterlesen »
Gloria Trevi Announces 2022 Isla Divina US Tour Dates: It’s a ‘Journey of Freedom’After six sold-out shows at the Auditorio Nacional in Mexico City, Gloria Trevi is bringing her tour to the U.S. 👏
Weiterlesen »