{"id":1491019,"date":"2022-05-25T07:30:37","date_gmt":"2022-05-25T11:30:37","guid":{"rendered":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/?p=1491019"},"modified":"2022-05-25T07:30:43","modified_gmt":"2022-05-25T11:30:43","slug":"report-shows-tightening-u-s-gasoline-stockpiles","status":"publish","type":"post","link":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/report-shows-tightening-u-s-gasoline-stockpiles\/","title":{"rendered":"Report Shows Tightening U.S. Gasoline Stockpiles"},"content":{"rendered":"<aside class=\"mashsb-container mashsb-main mashsb-stretched\"><div class=\"mashsb-box\"><div class=\"mashsb-count mash-medium\" style=\"float:left\"><div class=\"counts mashsbcount\">12<\/div><span class=\"mashsb-sharetext\">SHARES<\/span><\/div><div class=\"mashsb-buttons\"><a class=\"mashicon-facebook mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/www.facebook.com\/sharer.php?u=https%3A%2F%2Fwww.conservativenewsdaily.net%2Fbreaking-news%2Freport-shows-tightening-u-s-gasoline-stockpiles%2F\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Facebook<\/span><\/a><a class=\"mashicon-twitter mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/twitter.com\/intent\/tweet?text=&amp;url=https:\/\/www.conservativenewsdaily.net\/breaking-news\/?p=1491019&amp;via=ConservNewsDly\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Twitter<\/span><\/a><a class=\"mashicon-subscribe mash-medium mash-nomargin mashsb-noshadow\" href=\"#\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Subscribe<\/span><\/a><div class=\"onoffswitch2 mash-medium mashsb-noshadow\" style=\"display:none\"><\/div><\/div>\n            <\/div>\n                <div style=\"clear:both\"><\/div><\/aside>\n            <!-- Share buttons by mashshare.net - Version: 4.0.47--><div><\/div>\n<p>(Bloomberg) &#8212; Oil rose after a two-day decline as an industry report showed US gasoline stockpiles shrunk further ahead of the summer driving season and Saudi Arabia said there\u2019s nothing more it can do to tame the market.<\/p>\n<p>Most Read from Bloomberg<\/p>\n<p>West Texas Intermediate futures traded near $111 a barrel. The American Petroleum Institute reported that inventories of the motor fuel fell by 4.22 million barrels last week, according to people familiar with the figures. Stockpiles are at the lowest level for this time of the year since 2013.<\/p>\n<p>The market has been gripped by a volatile period of trading since late February following Russia\u2019s invasion of Ukraine and a Covid-19 resurgence across China. Saudi Arabia\u2019s foreign minister said that the kingdom has done what it could for the oil market, adding that there was no shortfall of crude.<\/p>\n<p>The war in Ukraine has upended trade flows and fanned inflation worldwide, with pump prices in the US repeatedly breaking records. Unseasonably high gasoline exports from America are also eroding domestic stockpiles ahead of the summer driving season that starts this weekend.<\/p>\n<p>\u201cIt seems the market remains undersupplied,\u201d said Giovanni Staunovo, a commodity analyst at UBS Group AG. \u201cThere is still strong travel demand ahead and China\u2019s mobility restrictions likely get lifted\u201d and Russian exports could also decline, he said.<\/p>\n<p>US distillate inventories &#8212; a category that includes diesel &#8212; fell by 949,000 barrels last week, while crude stockpiles rose, the API said. Energy Information Administration data is scheduled to be released later Wednesday.<\/p>\n<p>Saudi Foreign Minister Prince Faisal bin Farhan said \u201coil supply right now is relatively in balance,\u201d during a panel session at the World Economic Forum in Davos, Switzerland. \u201cThe kingdom has done what it can.\u201d<\/p>\n<p>The US is leading a co-ordinated release of global crude reserves in an effort to tame rising energy prices. The Department of Energy made its latest announcement on the sale of strategic stockpiles, offering as much as 40.1 million barrels of predominantly sour crude.<\/p>\n<p>Most Read from Bloomberg Businessweek<\/p>\n<p>\u00a92022 Bloomberg L.P.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>(Bloomberg) &#8212; Oil rose after a two-day decline as an industry report showed US gasoline stockpiles shrunk further ahead of the summer driving season and Saudi Arabia said there\u2019s nothing<\/p>\n","protected":false},"author":498,"featured_media":2315279,"comment_status":"open","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"_mo_disable_npp":"","fifu_image_url":"","fifu_image_alt":"","footnotes":""},"categories":[],"tags":[],"class_list":["post-1491019","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry"],"_links":{"self":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/1491019","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/users\/498"}],"replies":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/comments?post=1491019"}],"version-history":[{"count":0,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/1491019\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media\/2315279"}],"wp:attachment":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media?parent=1491019"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/categories?post=1491019"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/tags?post=1491019"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}