Gasoline futures extended their losses Wednesday morning after the Energy Information Administration reported stocks rose and demand fell in the week ended Friday.
The agency estimated domestic gasoline inventories rose last week by 4.2 million bbl to 232.1 million bbl, while demand dropped by more than 1 million b/d to 8.64 million b/d.
The Nymex August RBOB contract, which was trading lower ahead of the data, fell by just over 1ct to $2.0886/gal after the agency's estimates were issued.
The report also showed a 1.7-million-bbl draw in distillate stocks and demand rising back above 4 million bbl. The Nymex August ULSD contract was trading 2.45cts higher at $2.3514/gal shortly after the report was released.
EIA, however, said distillate exports backed off last week by nearly 300,000 b/d to 1.3553 million b/d.
After falling for five straight weeks, domestic crude oil stocks rose last week by 3.8 million bbl, the agency said. West Texas Intermediate and Brent crude futures were little changed by the data.
About five minutes ahead of the data's release, oil contracts were modestly higher and refined product contracts were mixed. The August WTI contract backed off earlier highs was up by 15cts at $65.60/bbl at 10:25 a.m. ET. The September Brent contract was 30cts higher at $67.41/bbl.
ULSD futures were continuing to firm, with the August contract up by about 2.5cts at $2.3515/gal, and the front-month RBOB contract down by about 0.3ct at $2.9073/gal.
This content was created by Oil Price Information Service, which is operated by Dow Jones & Co. OPIS is run independently from Dow Jones Newswires and The Wall Street Journal.
--Reporting by Denton Cinquegrana, dcinquegrana@opisnet.com; Editing by Jeff Barber, jbarber@opisnet.com
(END) Dow Jones Newswires
July 02, 2025 11:04 ET (15:04 GMT)
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