- Oil steady as surplus risks resurface
- WTI prompt-month slipped $0.12 to $64.03/Bbl Thursday morning (7:45 AM CT)
- Crude held within its recent narrow band as traders balanced the risk of a looming supply glut with ongoing US efforts to push India away from Russian crude purchases
- Ukraine intensified drone strikes on Russia’s oil sector, hitting two more refineries after a string of recent attacks
- Citigroup said oil prices should average lower in Q4 as oversupply begins to weigh more heavily on balances
- Sanctions, tariffs, and refinery outages in Russia have provided near-term support
- Market pricing continues to reflect tightness in medium crude grades and concerns about gasoil inventories heading into the winter heating season
- US gasoline prices dip year-on-year into Labor Day (EIA)
- The average retail price for regular gasoline was $3.15/gal on August 25, the Monday before Labor Day weekend, 5% (17¢/gal) below year-ago levels
- Lower crude costs, driven by rising global supply, have been the main contributor to softer pump prices
- Crude oil typically accounts for a little more than half of the retail gasoline price, making the current downturn in crude a key driver of holiday travel costs
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