Oil down slightly; gasoline highest since June 10

Published on NewsOK Modified: July 16, 2013 at 2:20 pm •  Published: July 16, 2013

This week's direction in oil and gasoline futures could be determined by fresh information on U.S. stockpiles.

Data for the week ending July 12 is expected to show a decline of 2.5 million barrels in crude oil stocks and no change in gasoline stocks, according to a survey of analysts by Platts, the energy information arm of McGraw-Hill Cos.

The American Petroleum Institute will release its report on oil stocks later Tuesday, while the report from the Energy Department's Energy Information Administration — the market benchmark — will be out on Wednesday.

If the market forecast is confirmed, it could bolster the case of those traders and analysts who believe oil will rise further because U.S. energy demand is rising in step with faster hiring.

In London, Brent crude was down 6 cents to end at $108.02 a barrel on the ICE Futures exchange.

In other energy futures trading on Nymex:

— Wholesale gasoline rose 3 cents to finish at $3.13 a gallon.

— Heating oil gained 2 cents to end at $3.05 a gallon.

— Natural gas was flat at $3.68 per 1,000 cubic feet.

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Pablo Gorondi in Budapest contributed to this report.