National Average Price for Regular Unleaded Current: $3.042; Month Ago: $2.878; Year Ago: $1.926. National Average Price for Diesel Current: $3.176; Month Ago: $3.079; Year Ago: $2.412.
Futures lost as much as 1.5 percent in New York. Inventories probably rose 2.9 million barrels last week, according to a Bloomberg survey before a government report later Thursday. Global equities and industrial metals also dropped after an upbeat U.S. growth outlook fueled the possibility of interest-rate hikes. U.S. crude inventories rose by 1.84 million barrels in the week through Feb. 9, data from the Energy Information Administration show. While analysts surveyed by Bloomberg expect a further increase in this week’s numbers, the American Petroleum Institute was said to report a decline of 907,000 barrels. Click Read More below for additional information.
Futures in New York fell as much as 1.1 percent, after losing 3.6 percent in the previous two sessions. U.S. crude stockpiles last week rose to the highest level since December, while gasoline reserves expanded at four times the predicted rate. Meanwhile, data for November showed the shale boom drove U.S. output to a record. U.S. stockpiles of oil stored in tanks and terminals rose by 3.02 million barrels to about 423 million, the fourth increase in five weeks, according to the Energy Information Administration. That compares with a median estimate for a 3 million-barrel gain in a Bloomberg survey. Gasoline inventories expanded by 2.48 million barrels, more than the 600,000-barrel average estimate. Click Read More below for additional information.