Nymex gasoline Sept. futures settle at $2.1991 a gallon

Nymex gasoline Sept. futures settle at $2.1991 a gallon

Nymex gasoline Sept. futures closed at $2.1991 a gallon on July 2, 2025, following a day of market volatility. The settlement price marked a significant change from the previous day's close of $2.2150, reflecting the ongoing uncertainties caused by the war in Ukraine and potential U.S. sanctions on Russian oil [1].

The crude oil market also saw notable movements. The October WTI contract settled at $63.25, down $1.55 from its previous close, while the October Brent contract settled at $67.22, down $1.58. The crude market remains range-bound, with traders awaiting further developments surrounding the war in Ukraine and potential disruptions in Russian supplies [1].

Technical analysis indicates that the crude market will likely find support at its lows, including $63.13, $62.84, $62.74, $62.52, $61.83, $61.65, and $61.45. Resistance is seen at its highs, such as $64.76, $65.10, $65.33, $65.71, $66.28, and $66.56 [1].

Fundamental news suggests that discussions between U.S. and Russian officials about energy deals, including the possibility of Exxon Mobil re-entering Russia’s Sakhalin-1 oil and gas project and Russia purchasing U.S. equipment for its LNG projects, have been ongoing. These talks were held during U.S. envoy Steve Witkoff’s trip to Moscow earlier this month [1].

Additionally, Russia has revised up its crude oil export plan from western ports by 200,000 bpd in August due to Ukrainian drone attacks disrupting refinery operations. Meanwhile, Enbridge reported easing September apportionments for both light and heavy barrels compared to August levels, and Vortexa reported a rise in crude oil stored on tankers by 11% week-over-week [1].

The market is closely watching these developments, as they could significantly impact the global energy landscape. Investors should stay informed about these ongoing discussions and potential disruptions to the energy supply chain.

References:
[1] https://www.spragueenergy.com/the-oil-market-traded-lower-amid-the-uncertainties-caused-by-the-war/