Unusual conditions in crude oil markets are stopping prices from running too hot.
petroleum update
Demand for refined petroleum products such as gasoline are still not yet at pre-pandemic levels.
The federal government showed a major drop in commercial crude oil inventories, but refined petroleum products show an increase.
Federal data released Thursday show gasoline demand is charting new heights, as oil prices step back from a 6-year-high.
Markets were volatile as the usual movers were overshadowed by the U.S. Federal Reserve.
Implied demand for this time of year is a bit lower than pre-pandemic levels.
Iran remains something of an elephant in the room for the crude oil market.
Talk of progress in Iranian negotiations is driving oil prices lower.