According to the latest report of the Oil Market Morning News on May 11, crude oil rose due to the surge in gasoline futures. Crude oil futures closed higher on Tuesday, driven by soaring gasoline futures, and reports said that the flooding of the Mississippi River is affecting the production of refineries along the coast and slowing down transportation.

 

    New York Mercantile Exchange June light and low sulfur crude oil futures rose 1.33 US dollars to 103.88 US dollars per barrel, an increase of 1.3%. London Intercontinental Petroleum Exchange (ICE) Brent crude oil futures rose $ 1.73 to $ 117.63 per barrel.

 

    As the flood approaches the Louisiana Refinery, the refinery may shut down and fuel transportation may be interrupted, which has caused investors to worry about gasoline supply.

 

    A spokesman for Royal Dutch Shell PLC said that affected by the opening of the gate, the joint venture company Motiva Enterprise LLC's refinery in Norco, Louisiana, is preparing to interrupt supply. In addition, oil and fuel transportation company Enterprise Products Partners (EPD) said that due to flooding, the company will have at least two barges to stay in Kentucky for up to a week.

 

    The settlement price of the June RBOB gasoline futures contract delivered in recent months rose by 10.13 cents to $ 3.3797 per gallon, a 3.1% increase, regaining all the lost ground last week. The premium of gasoline futures to crude oil futures rose to more than 38 dollars, the highest level in history.

 

    US gasoline inventories have been falling for 11 consecutive weeks, and analysts surveyed by Dow Jones Newswires expect gasoline inventories to decline further. The Energy Department will release inventory data on Wednesday.

 

    According to analysts surveyed and surveyed by Dow Jones, crude oil inventories are expected to rise by 1.2 million barrels last week, and gasoline inventories are expected to fall by 700,000 barrels. Distillate stocks, including heating oil and diesel, are expected to remain stable compared to last week.

 

    In an inventory report released late Tuesday, the American Petroleum Institute said crude oil inventories increased by 2.9 million barrels, gasoline inventories fell by 1.8 million barrels, and distillate inventories increased by 580,000 barrels. The American Petroleum Institute API said the refinery operating rate remained steady at 82.2%.

 

    June heating oil futures settlement price rose 3.94 cents to $ 3.0012 per gallon.