Interior minister graces graduation ceremony at Naif Arab University for Security Sciences    Prophet's Mosque imam underscores Islam's core values at peace conference in India    Saudi, Indian foreign ministers co-chair Cooperation Committee meeting in New Delhi    198 new sites documented in the National Antiquities Register    Cityscape Global 2024: Saudi real estate sector booms with SR180 billion in new projects    PIF to sell 2% stake in stc via accelerated book-building    SAMA issues rules for opening electronic wallets    TGA suspends 2 passenger transport applications and an application for food delivery    South Korean actor Song Jae Lim found dead at 39    Trump names Fox News host Pete Hegseth as defense secretary pick    There is nowhere safe in Gaza, UNRWA director says    Archbishop of Canterbury resigns over Church abuse scandal    US says it will not limit arms transfers to Israel    Don't sit on the toilet for more than 10 minutes, doctors warn    Saudi Champion Saeed Al-Mouri scores notable feat in Radical World Championship in Abu Dhabi with support from Bin-Shihon Group    'Marvels of Saudi Orchestra' to dazzle audience in Tokyo on Nov. 22    Rita Ora is tearful in tribute to Liam Payne at MTV Awards    France to deploy 4,000 police officers for UEFA Nations League match against Israel    Al Nassr edges past Al Riyadh with Mane's goal to move up to third    Al Ahli continues strong form with 2-0 win over Al Raed in Saudi Pro League    India puts blockbuster Pakistani film on hold    The Vikings and the Islamic world    Filipino pilgrim's incredible evolution from an enemy of Islam to its staunch advocate    Muted Eid celebrations for millions of Nigerian Muslims    Exotic Taif Roses Simulation Performed at Taif Rose Festival    Asian shares mixed Tuesday    Weather Forecast for Tuesday    Saudi Tourism Authority Participates in Arabian Travel Market Exhibition in Dubai    Minister of Industry Announces 50 Investment Opportunities Worth over SAR 96 Billion in Machinery, Equipment Sector    HRH Crown Prince Offers Condolences to Crown Prince of Kuwait on Death of Sheikh Fawaz Salman Abdullah Al-Ali Al-Malek Al-Sabah    HRH Crown Prince Congratulates Santiago Peña on Winning Presidential Election in Paraguay    SDAIA Launches 1st Phase of 'Elevate Program' to Train 1,000 Women on Data, AI    41 Saudi Citizens and 171 Others from Brotherly and Friendly Countries Arrive in Saudi Arabia from Sudan    Saudi Arabia Hosts 1st Meeting of Arab Authorities Controlling Medicines    General Directorate of Narcotics Control Foils Attempt to Smuggle over 5 Million Amphetamine Pills    NAVI Javelins Crowned as Champions of Women's Counter-Strike: Global Offensive (CS:GO) Competitions    Saudi Karate Team Wins Four Medals in World Youth League Championship    Third Edition of FIFA Forward Program Kicks off in Riyadh    Evacuated from Sudan, 187 Nationals from Several Countries Arrive in Jeddah    SPA Documents Thajjud Prayer at Prophet's Mosque in Madinah    SFDA Recommends to Test Blood Sugar at Home Two or Three Hours after Meals    SFDA Offers Various Recommendations for Safe Food Frying    SFDA Provides Five Tips for Using Home Blood Pressure Monitor    SFDA: Instant Soup Contains Large Amounts of Salt    Mawani: New shipping service to connect Jubail Commercial Port to 11 global ports    Custodian of the Two Holy Mosques Delivers Speech to Pilgrims, Citizens, Residents and Muslims around the World    Sheikh Al-Issa in Arafah's Sermon: Allaah Blessed You by Making It Easy for You to Carry out This Obligation. Thus, Ensure Following the Guidance of Your Prophet    Custodian of the Two Holy Mosques addresses citizens and all Muslims on the occasion of the Holy month of Ramadan    







Thank you for reporting!
This image will be automatically disabled when it gets reported by several people.



Gasoline futures jump on unexpected drop in US supplies
Published in Saudi Press Agency on 04 - 02 - 2010

Gasoline futures jumped almost 2 percent on Wednesday after the U.S. government reported an unexpected decline in the country's supplies. The drop in gasoline inventories could eventually push retail prices higher, but that has not happened so far, as prices have fallen for three consecutive weeks.
The Energy Department reported that gasoline inventories fell by 1.3 million barrels last week, and they fell as U.S. refineries continued to produce less fuel.
The report by the department's Energy Information Administration (EIA) said refineries were operating at the lowest level on record, excluding a few weeks in 2008 and 2005 when hurricanes forced shutdowns along the Gulf of Mexico. The slowdown in U.S. refining comes as higher oil prices further tighten profit margins.
Meanwhile, crude prices continued to rise Wednesday despite an increase in U.S. oil inventories last week. U.S. petroleum consumption has been dropping since 2007, and the EIA report said the country has been using less each week for the past month. Light sweet crude for March delivery was up slightly near $77.50 in midday trading on the New York Mercantile Exchange.
Analysts said oil prices are rising because of expectations of increased global demand. Over the past several months, investors have bet that China and other developing countries will need more fuel this year, helping to push oil prices to a 15-month high in January.


Clic here to read the story from its source.