Oil Market Speculators Looking For Supply To Come In As Gasoline Prices Decline 1.5% On The New York Merc

Tuesday, October 23, 2012 22:37
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Oil Market Speculators Looking For Supply To Come In As Gasoline Prices Decline 1.5% On The New York Merc

Tags: gas prices | oil | outlook

Speculators in the oil market think that production from refineries will increase, boosting supplies and causing prices to fall.

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Market analysts say there have been large drops in the cash markets since refineries are now free to make the winter blends.
 
Prices for gasoline for November delivery fell 4.25 cents or 1.5% on the New York Mercantile Exchange.
 
Plants on the East Coast processed 24% more crude over the seven days ended October 5 from the prior week.
 
Money managers did become more bullish on heating oil, which serves as a proxy for diesel, by 4.9%. That’s the highest level since the week ending May 8.
 
Regular gasoline prices at the pump declined for the fourth straight day, retreating to 3.787 cents per gallon.
 
Market participants are taking these signals to mean that supply is returning to the market.

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