National Average Price for Regular Unleaded Current: $3.168; Month Ago: $3.118; Year Ago: $2.190. National Average Price for Diesel Current: $3.278; Month Ago: $3.243; Year Ago: $2.433.
Futures lost as much as 1.3 percent in New York after falling 1.9 percent on Tuesday. U.S. inventories rose by 6.51 million barrels last week, the American Petroleum Institute was said to report. That would be the biggest gain since March if confirmed in government data on Wednesday. “The API data showed an inventory build, in contrast to expectations of a draw, which is weighing on the market,” said Giovanni Staunovo, a commodity analyst at UBS Group AG. “The Russian news doesn’t help either.” Gasoline inventories rose by 2.4 million barrels last week, the API said Tuesday, according to people familiar with the data. While the institute also reported a gain in crude stockpiles, a Bloomberg survey showed they may have shrunk by 2.4 million barrels. The U.S. Energy Information Administration will release the data at 10:30 a.m. New York time on Wednesday. Click Read More below for additional information.
Futures in New York rose as much as 1.2 percent after dropping on Monday. While U.S. inventories are forecast to have added 3.4 million barrels last week, that would mark slower growth than the prior week. OPEC and its partners, which are cutting output to ease the global glut, still expect markets to balance by about the third quarter, according to people familiar with the matter. U.S. crude inventories are at their highest since December and probably grew again last week, according to a Bloomberg survey before government data due Wednesday. While supplies are set for a fourth weekly advance, the expected increase is smaller than the 5 million-barrel gain a week earlier. Click Read More below for additional information.