From Nasdaq:

Oil prices fell on Wednesday after U.S. inventory data revealed significant increases in gasoline and distillate stocks for the second consecutive week, offsetting a 1% rise in crude oil prices. The United States Oil ETF (USO) also saw a 0.1% decrease in price to $67.35.

The Energy Information Administration’s (EIA) weekly data indicates that crude oil stockpiles rose by 1.3 million barrels, while gasoline and distillate stocks continued to grow strongly, with 8 million and 6.5 million barrels added, respectively. This trend has eased concerns about tight supplies of heating oil in the middle distillate market.

The EIA’s recent report forecasts flat crude oil prices for 2024 and 2025 due to balanced global supply and demand. Global petroleum consumption is projected to increase by 1.4 million barrels per day in 2024 and by 1.2 mb/d in 2025, driven by economic growth and a return to pre-COVID-19 travel patterns.

U.S. gasoline prices at the pump remain near two-year lows, with the average price of a gallon of regular gas at $3.085. However, the potential impact of an arctic blast on refineries could hinder the chances of a national average of $2.99 per gallon.

As U.S. gasoline and distillate stocks continue to grow, oil prices fell on Wednesday, with the USO falling by 0.1% to $67.35. Additionally, the EIA’s report indicates flat crude oil prices for 2024 and 2025, and U.S. gasoline prices remain at two-year lows, with the average price at $3.085 per gallon.



Read more: Oil Prices Fall As Gasoline Stocks Continue To Build: Average Pump Price Now $3.08