GASOLINE UPDATE OF 10TH AUG'2016 BY EPIC RESEARCH

U.S. gasoline prices are set to fall below $2 a gallon on average in October and stay there through the winter, government forecasters said Tuesday.

The Energy Information Administration cut its price forecast for national average retail gasoline prices to $1.95 a gallon in the fourth quarter, down from last month’s forecast of $2.07 a gallon, according to the agency’s short-term energy outlook released Tuesday. The EIA expects gasoline prices to hold below $2 a gallon on average from October through February.

Gasoline prices have slid in recent weeks on concerns refiners have produced a glut of the fuel that is set to persist despite strong driving demand this summer. Gasoline futures  have fallen about 20% from a year ago, and U.S. oil futures are down about 5%.

“High gasoline production is leading to motor fuel inventories that are the highest on record for this time of year, which is helping to keep prices down at the pump,” EIA Administrator Adam Sieminski said in a statement.

The EIA also lowered its oil-price forecasts. The agency sees U.S. oil prices averaging $41.16 a barrel this year and $51.58 a barrel next year, down from its prior expectations of $43.57 a barrel in 2016 and $52.15 a barrel in 2017.

Click Here To Register For Free Trial Services OR Give A Missed Call : +6531581402 Follow Us On Twitter : www.twitter.com/epicresearchsg Like Us On Facebook : www.facebook.com/EpicResearchSingapore Need Any Assistance Feel Free To Mail Us at : info@epicresearch.sg