{"id":13252,"date":"2023-05-24T15:58:27","date_gmt":"2023-05-24T19:58:27","guid":{"rendered":"https:\/\/ifintechworld.com\/investing\/oil-gets-a-lift-from-gasoline-demand-expectations-warning-by-saudi-energy-minister\/"},"modified":"2023-05-24T15:58:28","modified_gmt":"2023-05-24T19:58:28","slug":"oil-gets-a-lift-from-gasoline-demand-expectations-warning-by-saudi-energy-minister","status":"publish","type":"post","link":"https:\/\/ifintechworld.com\/?p=13252","title":{"rendered":"Oil gets a lift from gasoline demand expectations, warning by Saudi energy minister"},"content":{"rendered":"<div id=\"js-article__body\" itemprop=\"articleBody\" data-sbid=\"WP-MKTW-0002088528\" role=\"document\">\n<p>Oil prices settled higher Tuesday, along with gasoline futures, ahead of the start of the U.S. summer driving season at the end of the month.<\/p>\n<p>Traders also noted remarks by Saudi Arabia\u2019s energy minister, who warned short sellers that pain may lie ahead, as ministers from OPEC+ \u2014 made up of the Organization of the Petroleum Exporting Countries and its allies \u2014 prepared to meet in June.<\/p>\n<div class=\"paywall\">\n<h2>Price action<\/h2>\n<ul class=\"articleList\">\n<li>\n      West Texas Intermediate crude for July delivery<br \/>\n        CL.1,<br \/>\n        <bg-quote field=\"percentchange\" format=\"0,000.00%\" channel=\"\/zigman2\/quotes\/211629951\/delayed\" class=\"positive\">+1.37%<\/bg-quote><\/p>\n<p>        CL00,<br \/>\n        <bg-quote field=\"percentchange\" format=\"0,000.00%\" channel=\"\/zigman2\/quotes\/209723049\/delayed\" class=\"positive\">+1.37%<\/bg-quote><\/p>\n<p>        CLN23,<br \/>\n        <bg-quote field=\"percentchange\" format=\"0,000.00%\" channel=\"\/zigman2\/quotes\/209725418\/delayed\" class=\"positive\">+1.37%<\/bg-quote><br \/>\n       rose 86 cents, or 1.2%, to settle at $72.91 a barrel on the New York Mercantile Exchange.<\/p>\n<\/li>\n<li>\n      July Brent crude<br \/>\n        BRN00,<br \/>\n        <bg-quote field=\"percentchange\" format=\"0,000.00%\" channel=\"\/zigman2\/quotes\/209704782\/delayed\" class=\"negative\">-0.42%<\/bg-quote><\/p>\n<p>        BRNN23,<br \/>\n        <bg-quote field=\"percentchange\" format=\"0,000.00%\" channel=\"\/zigman2\/quotes\/209705271\/delayed\" class=\"negative\">-0.42%<\/bg-quote><span>,<\/span><br \/>\n       the global benchmark, gained 85 cents, or 1.1%. to settle at $76.84 a barrel on ICE Futures Europe.<\/p>\n<\/li>\n<li>\n      Back on Nymex, June gasoline<br \/>\n        RBM23,<br \/>\n        <bg-quote field=\"percentchange\" format=\"0,000.00%\" channel=\"\/zigman2\/quotes\/215376517\/delayed\" class=\"positive\">+1.77%<\/bg-quote><br \/>\n       added 0.5% to $2.66 a gallon, while June heating oil<br \/>\n        HOM23,<br \/>\n        <bg-quote field=\"percentchange\" format=\"0,000.00%\" channel=\"\/zigman2\/quotes\/215376436\/delayed\" class=\"positive\">+1.81%<\/bg-quote><br \/>\n       edged down by 0.2% at $2.36 a gallon.<\/p>\n<\/li>\n<li>\n      June natural gas<br \/>\n        NGM23,<br \/>\n        <bg-quote field=\"percentchange\" format=\"0,000.00%\" channel=\"\/zigman2\/quotes\/210190794\/delayed\" class=\"positive\">+3.53%<\/bg-quote><br \/>\n       declined 3.3% to $2.32 per million British thermal units after kicking off the week with a 7.2% tumble on Monday.<\/p>\n<\/li>\n<\/ul>\n<h2>Market drivers<\/h2>\n<p>Oil prices climbed following a stark warning from Saudi Arabia\u2019s Prince Abdulaziz  bin Salman to oil speculators to \u201cwatch out,\u201d and the sudden realization by the RBOB (reformulated gasoline blendstock for oxygenate blending) gasoline market on Monday that \u201cour gasoline inventories are about as tight they have ever been going into the kickoff of the summer driving season,\u201d said Phil Flynn, senior market analyst at The Price Futures Group. <\/p>\n<p>\u201cThis could start to change the dynamics in petroleum that has been focused on macroeconomic fears as opposed to supply and demand realities,\u201d he wrote in a daily report.<\/p>\n<p>Speaking at an economic forum in Doha, Saudi energy minister Prince Abdulaziz bin Salman on Tuesday warned short sellers could face another round of pain.<\/p>\n<p><strong>Read:<\/strong> Top Saudi official says oil speculators better \u2018watch out\u2019<\/p>\n<p>\u201cSpeculators, like in any market they are there to stay, I keep advising them that they will be ouching, they did ouch in April. I don\u2019t have to show my cards, I\u2019m not a poker player\u2026but I would just tell them to watch out,\u201d he said, according to Reuters.<\/p>\n<p>Saudi Arabia and its OPEC+ allies unexpectedly announced more than 1 million barrels in additional cuts in early April, sparking a spike higher in crude prices, though gains were washed away by the end of the month. The cuts took effect at the beginning of May. <\/p>\n<p>A meeting of OPEC+ ministers is expected June 4 in Vienna. <\/p>\n<div data-layout=\"inline\n                \" data-layout-mobile=\"\" class=\"\n          media-object\n          type-InsetPullQuote\n            inline\n    scope-web|mobileapps\n  article__inset\n          article__inset--type-InsetPullQuote\n            article__inset--inline\n  \"><\/p>\n<div class=\"wsj-article-pullquote article__inset__pullquote \">\n<p class=\"pullquote-content article__inset__pullquote__quote\">\n        <span class=\"l-qt article__inset__pullquote__mark--left\">\u201c<\/span> \u201cWith OPEC+ due to meet in early June, and the market still smarting from the surprise production cut announced in April, there is a risk of another surprise cut in output.\u201d <span class=\"r-qt article__inset__pullquote__mark--right\">\u201d<\/span>\n      <\/p>\n<p>        <small><br \/>\n          <span class=\"inset-author article__inset__pullquote__author\">\u2014 Michael Hewson, CMC Markets UK<\/span><br \/>\n        <\/small><\/p><\/div>\n<\/p><\/div>\n<p>\u201cWith OPEC+ due to meet in early June, and the market still smarting from the surprise production cut announced in April, there is a risk of another surprise cut in output,\u201d said Michael Hewson, chief market analyst at CMC Markets UK, in market commentary. \u201cThere has been no indication that OPEC+ is thinking along those lines yet, however there wasn\u2019t in April, so it pays to be cautious.\u201d<\/p>\n<p>Analysts, meanwhile, have also said the Memorial Day holiday weekend is set to boost demand for gasoline and jet fuel.<\/p>\n<p><strong>See:<\/strong> Here\u2019s what might lead to a spike in gasoline prices this summer<\/p>\n<p>Gasoline rallied Monday as speculators looked for a demand boost as the Memorial Day holiday approaches, said Robert Yawger, executive director for energy futures at Mizuho, in a note. Gasoline futures settled 2.8% higher on Monday. <\/p>\n<p>U.S. gasoline storage of 218.3 million barrels, as reported by the Energy Information Administration, is 12.6 million below the nine-year low of 205.7 million barrels from Nov. 4, 2022, \u201cimplying to me that a storage situation will likely develop at some point in the relatively near term future,\u201d Yawger said, in a note.<\/p>\n<p>The July gasoline crack spread was up 3.25% versus $34.29 and traded to a July contract high of $34.33 earlier in the session, he wrote. The crack spread is the difference between the price of a barrel of crude and the products that can be refined from it.<\/p>\n<p>Weekly data on U.S. petroleum supplies will be released Wednesday by the EIA. On average, analysts expect the report to show supply declines of 500,000 barrels for domestic crude and 800,000 in gasoline for the week ended May 19, according to a survey conducted by S&amp;P Global Commodity Insights. Distillate stockpiles are expected to be unchanged for the week.<\/p>\n<\/p><\/div>\n<\/div>\n<p>Read the full article <a href=\"https:\/\/www.marketwatch.com\/story\/oil-buoyed-by-expectations-for-strong-gasoline-demand-warning-by-saudi-energy-minister-afbf268d?mod=investing\" target=\"_blank\" rel=\"noopener\">here<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Oil prices settled higher Tuesday, along with gasoline futures, ahead of the start of the U.S. summer driving season at the end of the month. Traders also noted remarks by Saudi Arabia\u2019s energy minister, who warned short sellers that pain may lie ahead, as ministers from OPEC+ \u2014 made up of the Organization of the [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":10229,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"video","meta":{"footnotes":""},"categories":[239],"tags":[83],"class_list":["post-13252","post","type-post","status-publish","format-video","has-post-thumbnail","hentry","category-investing","tag-featured","post_format-post-format-video"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v20.6 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Oil gets a lift from gasoline demand expectations, warning by Saudi energy minister | iFintechWorld<\/title>\n<meta name=\"description\" content=\"Oil prices settled higher Tuesday, along with gasoline futures, ahead of the start of the U.S. summer driving season at the end of the month. 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