Petroleum futures were down Thursday morning for a second straight day as gasoline contracts led the way lower on demand worries.
Crude and refined product contracts appeared unmoved by the Federal Reserve’s Wednesday decision to cut its benchmark interest rate by a quarter percentage point.
The NYMEX October RBOB contract was down by 2.39cts to $2.0048 at about 11:20 a.m. ET and the more-active November contract was off by 1.98cts to $1.9486/gal.
The November ULSD contract was 1.2cts lower at $2.3367/gal and the lightly traded October contract was down 1.26cts to $2.3422/gal.
Declines in crude oil futures were lighter, with the October West Texas Intermediate contract off by 39cts to $63.66/gal and November WTI down by 38cts to $63.32/bbl.
November Brent crude contract was 38cts lower at $67.57/bbl and December Brent was off by 39cts to $67.07/bbl.
The declines in gasoline futures after the Energy Information Administration on Wednesday reported U.S. motor fuel demand fell by 2.3 million bbl in the week ended Friday.
Gasoline demand has been lackluster for much of this year, with OPIS data showing consumption last week running about 4% below the same time last year.
Continued oil production increases by OPEC nations and their allies are also stoking concerns of oversupply in the coming months and that has weighed on prices.
This content was created by Oil Price Information Service, which is operated by Dow Jones & Co. OPIS is run independently from Dow Jones Newswires and The Wall Street Journal.
–Reporting by Steve Cronin, scronin@opisnet.com; Editing by Jeff Barber, jbarber@opisnet.com
(END) Dow Jones Newswires
09-18-25 1233ET