— the international oil benchmark — also rose on the news, trading as much as 6.8% higher to $122.34 per barrel.
Gas supply is also under pressure. Motor gasoline inventories slid by 2.9 million barrels last week and now sit at the bottom end of the five-year average for this time of year. The declines extend a broad, months-long slump in US oil and gas supply and leave overall oil and petroleum product inventory at extremely tight levels.The report adds even more gloom to an already bleak outlook for US gas prices.
The plateauing of crude prices has kept gas pricier at the pump. The US average gas price edged slightly lower to $4.237 per gallon on Wednesday, according to. While that's down from yesterday's level and the week-ago reading, it still sits near record highs and $1.36 higher than the year-ago average.
Several factors stand to boost crude prices even higher in the coming months. While the US and UK already announced plans to cut themselves off from Russian crude, the EU is still mulling whether to take such action. Doing so would likely drive prices to record highs and further pressure supply in the US.
"The oil market remains very tight and completely fixated over every development with the war in Ukraine," Edward Moya, market analyst at OANDA, said."If it seems likely an EU ban on Russian energy is coming, Brent crude could easily rally to record high territory above the $150 level."Subscribe to push notifications
Considering the amount of time I have spent in bitcoin and stock I think I prefer Bitcoin over stock, Bitcoin is a better side income I'm having a wonderful crypto journey with MarkdonaldTowns.
Title correction “Bidem administration canceled keystone pipeline and doing so caused oil supply to plummet” this title is more accurate🤷🏾♂️
上周，美国的石油供应意外暴跌，这可能会让天然气价格继续保持高位