💎 Fed’s first rate cut since 2020 set to trigger market. Find undervalued gems with Fair ValueSee Undervalued Stocks

U.S. crude steady as strong gasoline demand offset by record stocks

Published 25/02/2016, 11:53 am
U.S. crude steady as strong gasoline demand offset by record stocks
CL
-

By Henning Gloystein

SINGAPORE, Feb 25 (Reuters) - U.S. crude oil futures held steady in early trading on Thursday as strong demand for gasoline was offset by a new record in crude stockpiles.

U.S. West Texas Intermediate (WTI) crude futures CLc1 were trading at $32.13 per barrel at 0047 GMT on Thursday, virtually unchanged from their last settlement.

On Wednesday, prices picked up in late trading following the release of strong gasoline demand data.

"Crude oil prices recovered lost ground overnight... Strong gasoline demand led to a stock decline," ANZ said on Thursday.

U.S. gasoline demand stood at 9.06 million barrels a day on Feb. 19 compared with 8.6 million barrels per day on Jan. 22.

Despite this, overall U.S. crude stockpiles rose 3.5 million barrels last week to reach an all-time peak above 507 million barrels, weighing on crude futures.

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.