The rumor mill and potential impacts from Hurricane Ida led to substantial prices swings in intraday trading.
U.S. Department of Energy
California curtailments demonstrate need for better long-duration batteries.
Markets appear to be focused more on the pandemic and U.S. economic policy than typical indicators of supply and demand.
Though crude oil has experienced wild swings, the retail price for gasoline has barely moved over the past month.
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.
GasBuddy's Patrick DeHaan thinks gas prices will start to drop gradually.
Federal data released Thursday show gasoline demand is charting new heights, as oil prices step back from a 6-year-high.
Even with gas prices at the highest level in 6 years, demand is outpacing supplies.