International crude oil 2fell by percent, signaling a supply shortage in the fuel market
International crude oil 2fell by percent and 7closed the session on the 9day of the month. Expectations that traffic through the Strait of Hormuz would become smoother acted as a bearish factor, while signals emerged that gasoline and diesel inventories were tight. The IEA said fuel demand in the United States remained firm despite higher oil prices.
International crude oil 7on the 9day of trading 2fell by percent to close the session. The decline was reported to reflect concerns about the economy outweighing supply risks.
Expectations that operations through the Strait of Hormuz would become smoother acted as a bearish factor. Improvements in transport conditions in this corridor were interpreted as easing concerns over supply disruptions.
Meanwhile, in the refined products market, other signals were observed. Movements suggesting pressure on supply were reported as gasoline and diesel inventories remained low.
The International Energy Agency (IEA) said that in the United States, drivers maintained fuel demand despite higher gasoline prices. The announcement shows that fuel consumption remains solid.
The trends in refined product prices and spot crude oil prices moved in opposite directions. Crude prices fell, but tension was seen in product inventories and demand indicators.
Going forward, the market may move based on crude oil supply conditions, U.S. fuel inventory indicators, and additional IEA reports. For now, crude oil and refined product trends are expected to be watched separately.
Sources: Reuters,Yahoo Finance
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