Gasoline futures extended losses to below $2.5 per gallon, the lowest in two weeks, as worries renewed about fuel demand and rising inventories. A Federal Report on Wednesday is expected to show US gasoline inventories rose by 1 million barrels, following three consecutive weeks of sharp gains. According to data from the EIA, gas demand rose slightly from 8.05 to 8.14 million b/d last week while total domestic gasoline stocks increased by 1.7 million bbl to 232 million bbl. Meanwhile, AAA said that January’s weather was relatively mild in much of the nation, which led to more drivers hitting the road. However, a return of wintery conditions in February may see a revival of seasonal driving patterns. AAA added that with the cost of oil stubbornly hovering around $80 per barrel, drivers probably won’t catch a big break at the pump over the next week or two.
Historically, Gasoline reached an all time high of 4.33 in June of 2022. Gasoline - data, forecasts, historical chart - was last updated on February of 2023.
Gasoline is expected to trade at 2.69 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 3.03 in 12 months time.