Gasoline futures in the US traded above the $2.7 per gallon mark, rebounding slightly from the four-week low of $2.69 touched on April 22nd amid a fresh decline in domestic inventories. The latest report from the EIA showed that gasoline stocks fell by 634 thousand barrels on the week ending April 19th, extending the 1.15 million barrel draw from the earlier week, and magnifying the press on supply amid the sharper-than-expected 6.38 million decline in crude oil stocks. Supply concerns were also present in foreign markets, amid continued pressure on the capacity of Russian refineries due to maintenance issues, floods, and attacks from Ukrainian drones. Still, gasoline futures remained below the one-year high of $2.82 from earlier in April as eased concerns of geopolitical unrest in the Middle East lowered the risk premium on petrol-derived commodities.
Gasoline increased 0.64 USD/GAL or 30.03% since the beginning of 2024, according to trading on a contract for difference (CFD) that tracks the benchmark market for this commodity. Historically, Gasoline reached an all time high of 4.33 in June of 2022. Gasoline - data, forecasts, historical chart - was last updated on April 26 of 2024.
Gasoline increased 0.64 USD/GAL or 30.03% since the beginning of 2024, according to trading on a contract for difference (CFD) that tracks the benchmark market for this commodity. Gasoline is expected to trade at 2.83 USD/GAL by the end of this quarter, according to Trading Economics global macro models and analysts expectations. Looking forward, we estimate it to trade at 3.05 in 12 months time.