Gasoline Rises, but Demand Worries Persist
GAITHERSBURG, MD - Crude oil closed within a few dollars of its 2009 high, but gasoline and heating oil are some 5-8 percent or so below top levels witnessed earlier in the month, according to the Oil Price Information Service.
GAITHERSBURG, MD - Petroleum futures rallied across a broad front June 29 with expectations, even as other commodities, including natural gas, posted a mixed performance. Crude oil closed within a few dollars of its 2009 high, but gasoline and heating oil are some 5-8 percent or so below top levels witnessed earlier in the month, the Oil Price Information Service (OPIS) reports.
The International Energy Agency, which previously talked of the hazards of low investment thanks to the 2008 price plunge, projected that sluggish demand might persist so that non-OPEC production cuts wouldn't cast a shadow until a year or more from now. The Energy Information Administration, meanwhile, released some stats that showed that April 2009 gasoline demand was perhaps 91,000 b/d or so lower than what weekly statistical bulletins had implied. EIA's data on diesel declined, with demand for ULSD some 13.7 percent lower in April 2009 than in April 2008, numbers suggest, according to OPIS.
Yet most petroleum futures were up by about three percent June 29. August WTI rallied by $2.33 bbl in the session, settling at $71.49 bbl.
RBOB at one point looked as though it might reach a double digit gain, but it advanced by "only" 6.17cts gal today to $1.9358 gal for July delivery. August contracts were up 6.35cts gal to $1.9358 gal.
Heating oil couldn't quite match crude oil gains, but July futures added 5.32 cents gal and settled at $1.7835 gal while August contracts rose 5.27 cents gal to $1.8372 gal.
More Fuel
Turning Fleet Payment Data into Executive Insights
Ramel Lindsay of U.S. Bank Voyager discusses how fleets can transform payment and transaction data into actionable intelligence to reduce costs, improve oversight, and support executive decision-making.
Read More →
Why the IRS Raised Its Mileage Rate in the Middle of 2026
Fuel-price volatility drove the rare increase to 76 cents per mile, the fifth midyear adjustment since 2000.
Read More →
July Fuel Update: Prices Keep Rising in Light of More Conflict
Gas prices continue to rise as more and more conflicts do, too.
Read More →
Bob Adamsky on Fuel Volatility: "Don't Panic, Have a Plan."
When it comes to up and down fuel prices, Adamsky has a message for fleets: “Don’t panic.”
Read More →
How Fleets Can Gain Control of Non-Fuel Spend
Fuel often gets the spotlight, but non-fuel expenses can have a major impact on fleet costs. Ramel Lindsay of U.S. Bank Voyager discusses how fleets can gain better visibility and control over these often-overlooked expenditures.
Read More →
Fuel is Just the Start: How Middle East Tensions are Driving Up Fleet Maintenance Costs
The Middle East conflict is doing more than pushing up fuel prices. It’s also raising the cost of key maintenance products your fleet depends on, from motor oil to tires to windshield wipers. Here’s what you need to know about this budget-busting situation.
Read More →
June Fuel Update: Prices Fall Below $4
Drivers are finally getting some relief at the pump. The national average gas price has dropped below $4 a gallon for the first time in months, with prices falling in 47 states as oil markets react to developments in U.S.-Iran negotiations.
Read More →
Study: How 2026's Gas Price Hikes Affect Different Vehicle Types
New data from iSeeCars reveals how rising fuel costs have affected different vehicle segments as gasoline prices climbed nearly 46% over the past four months.
Read More →
Are You Tracking Your Fleet's True Total Cost of Ownership?
Bobit Business Media surveyed 190 fleet professionals and found that while most fleets are tracking costs, fragmented systems and data gaps are keeping true TCO visibility out of reach. With rising pressure to control spend in an increasingly volatile environment, the gap between what fleets think they know and what the data actually shows is wider than you might expect. See how your peers are managing costs today and where the industry still has room to improve.
Read More →
May Fuel Update: All Regions Experience Declines
Gas prices are finally easing in much of the country, but experts warn global tensions could quickly reverse the trend as the national average remains well above last month’s levels.
Read More →