India is working to ensure supplies of ethanol for blending with gasoline are not disrupted, government officials said on Friday, a day after curbs were placed on ethanol production from cane juice to boost sugar supplies. The government will now rely on maize for ethanol production to meet gasoline blending goals, Food Secretary Sanjeev Chopra told a media briefing, adding that schemes are being worked out to boost production of maize. India's goal of raising ethanol blending in petrol to 20% from 2025/26 remains intact, Oil Secretary Pankaj Jain said.
BENGALURU (Reuters) -Oil prices rose more than 2% on Friday after U.S. data supported expectations of demand growth, but both benchmarks fell for a seventh straight week, their longest streak of weekly declines in half a decade, on lingering oversupply concerns. However, Friday's gains, the first in six sessions, could be a sign that the market has found a floor for now after falling for six straight sessions, said Phil Flynn, analyst at Price Futures Group. That followed government data on Wednesday showing U.S. gasoline demand last week lagged the 10-year seasonal average by 2.5% and gasoline stocks rose by 5.4 million barrels, more than quintuple forecasts, leading to gasoline prices to plummet.
Gas prices (RB=F) fall to an 11-month low, causing energy analysts to speculate could be closer to falling below $3 per gallon for the first time since 2021. Yahoo Finance Senior Business Reporter Ines Ferré breaks down trends in gasoline prices being perpetuated by crude oil demand stemming from OPEC+'s production cuts. For more expert insight and the latest market action, click here to watch this full episode of Yahoo Finance Live.