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Crude oil futures slipped for the second straight day on Thursday, weighed down somewhat by weaker U.S. gasoline demand data.
While domestic gasoline inventories fell for a seventh week, by 3.3 million barrels to 230.8 million, gasoline supplied, a gauge of product demand, fell. below 9 million barrels, indicating that gasoline markets are recovering it may have been overboughtaccording to Bob Yawger of Mizuho.
Oil may also have come under pressure from confirmation that the United States has drafted a United Nations resolution calling for a ceasefire between Israel and Hamas in Gaza, Yawger said.
Furthermore, the dollar rebounded as the surprise rate cut by the Swiss National Bank reduced the benefits of the US Federal Reserve maintaining its outlook for three rate cuts this year, which markets more broad interpreted as accommodating.
Traders are “overcoming all the mixed feelings from central banks over the past 24 hours, including the Swiss central bank’s dovish rate cut, the hawkish rate hike in Taiwan, and the Fed and Bank of America’s colonial-neutral sentiment.” England,” said Colin Cieszynski, chief market strategist at SIA Wealth Management Marketwatch.
Crude oil prices closed with consecutive losses after stabilizing two days ago at the highest level since late October, with first-month Nymex (CL1:COM) crude delivered for May delivery. -0.2% at $81.07/barrel and Brent crude oil (CO1:COM) closing for the first month of May -0.2% at $85.78/bbl.
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Energy analysts at Bank of America said gasoline prices and refinery crack spreads could continue to rise as the high-demand summer season approaches, citing various factors including low inventories, reduced production and no indication that the attacks Ukrainians to Russian refinery infrastructure will ease.