FX.co ★ Gasoline Drops from 8-Week High

Gasoline futures for delivery at New York Harbor decreased to approximately $1.80 per gallon, following a recent peak of $1.85 on January 21st. This decline mirrors the downturn in crude oil benchmarks as concerns over excess supply reemerge. According to the EIA, U.S. gasoline stockpiles saw a rise of 6 million barrels for the week ending January 16th, following a prior increase of 9 million barrels, marking ten straight weeks of builds surpassing expectations. Concurrently, Reliance Industries finalized the acquisition of a crude oil shipment to supply its refineries, bolstering the flow from Russia to India despite U.S. sanctions and diversifying crude sources for other purchasers. Furthermore, the International Energy Agency reaffirmed its projection that global oil supply will significantly outpace demand this year, even after making a slight upward adjustment to its demand growth forecast.