Petroleum Markets Remain Cautious After Labor Day Weekend

  • Crude oil futures show a slight increase but lacks conviction
  • Gasoline margins remain subpar after Labor Day weekend
  • EIA data to be released on Wednesday may reveal gasoline demand for the week ended Friday at 9.4 million b/d
  • Gulf Coast cash gasoline trades at $1.875/gal, about $8.75/bbl above sweet crude in Houston
  • Distillate futures see modest gains

Petroleum futures have seen a slight increase in value, but the market remains cautious following the extended Labor Day weekend. Crude oil futures are up by 35 to 70cts/bbl, with WTI at $68.37/bbl and Brent at $71.55/bbl. Gasoline margins remain subpar after the holiday, and gasoline demand may have fallen below 9 million b/d last week. The Energy Information Administration data is set to be released on Wednesday, potentially revealing a gasoline demand of 9.4 million b/d for the week ended Friday. Gulf Coast cash gasoline trades at $1.875/gal, about $8.75/bbl above sweet crude in Houston. Distillate futures have also seen modest gains.

Factuality Level: 9
Factuality Justification: The article provides accurate and objective information about the petroleum market, including specific prices and contract details, as well as relevant factors affecting gasoline demand and distillate futures. It is based on sources within the industry and includes no sensationalism or personal opinions.
Noise Level: 3
Noise Justification: The article provides specific information about the petroleum market, including prices and trends, but it lacks a broader context or analysis of long-term implications or consequences for various stakeholders. It also does not offer actionable insights or new knowledge that readers can apply.
Private Companies: Oil Price Information Service
Key People: Tom Kloza (Reporter), Jeff Barber (Editor)

Financial Relevance: Yes
Financial Markets Impacted: Crude-oil futures, WTI contract, Brent contract, RBOB contract, ULSD contract
Financial Rating Justification: The article discusses changes in the prices of petroleum futures contracts and their impact on financial markets. It also mentions gasoline margins and cash market prices, which can affect companies involved in the oil and gas industry.
Presence Of Extreme Event: No
Nature Of Extreme Event: Other
Impact Rating Of The Extreme Event: Minor
Extreme Rating Justification: There is no mention of an extreme event in the last 48 hours, but the article discusses fluctuations in oil prices and gasoline demand.
Move Size: No market move size mentioned.
Sector: Energy
Direction: Up
Magnitude: Medium
Affected Instruments: Futures

Reported publicly: www.marketwatch.com