Oil prices fell today after a surprise build in fuel inventories. Analysts had expected the U.S. Memorial Day holiday on May 27, the start of the U.S. summer driving season, would boost fuel demand. Yet EIA’s measure of gasoline demand slipped about 2% from the prior week to 9.15 million barrels per day. “I was looking for a draw in gasoline, in particular, ahead of the holiday weekend but when refiners are cranking it out, that is too much to drain product inventories,” said John Kilduff, partner at Again Capital. U.S. gasoline futures fell more than 2% to a 3-month low of $2.40 a gallon, while ultra-low sulfur diesel futures settled at an over 11 month low. Further pressuring oil prices, investors’ risk-appetite has been subdued by the prospect of delayed monetary easing in the U.S. and Europe. WTI traded down $1.32 or -1.7% to close at $77.91. Brent traded down $1.74 or -2.1% to close at $81.86.

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  • Where: Charlotte Harbor, Florida
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