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Oil gains on expectations of US gasoline shortage

Oil futures saw mild gains on Tuesday, May 11, with Brent rising 0.5% to $68.41/bbl, and WTI jumping 0.7% to $65.27/bbl.

US media wired that gasoline shortages are expected in Florida due to the Colonial Pipeline outage and the related reduction of fuel production in southern states, which is a bullish factor for oil prices. In addition, last night’s API report unveiled quite a sharp drawdown in crude inventories, -2.5 mln bbl over the past week.

Prices are back on the rise this morning, with Brent up 0.9%, approaching the $69/bbl level, and WTI is trading 0.96% higher. Our Brent forecast for today is in the range of $ 68.5-69.5/bbl.

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