Investors abandon bullish case for US petrol

Nearby futures prices for petrol have fallen much faster than for crude as traders have reassessed the outlook and concluded supplies will remain ample during the peak summer driving season. — Reuters

THE US petrol prices and refining margins have come under pressure as inventories deplete more slowly than normal for this time of year, indicating supplies are plentiful, and undermining the bullish case for the fuel.

Just over a month ago, investors had amassed one of the largest bullish positions in US petrol futures and options since before the pandemic, anticipating that prices would continue climbing.