US Gasoline futures traded above $2.5 per gallon, the highest since September 2014, as traders weighed a larger-than-expected drop in gasoline stockpiles and prospects of booming demand. EIA figures showed inventories shrank by 5.368 million barrels, easily beating forecasts of a 1.267 million barrel draw, as demand surged to its highest since 2007. Meanwhile, the POTUS warned gasoline prices will stay elevated into 2022 due to OPEC+ output policies. Elsewhere, gasoline sales in the world’s third-largest oil consumer India, reached 1.05 million tonnes in October, a 2% monthly increase and up 8.3% from the same month in 2019.
Historically, Gasoline reached an all time high of 3.63 in July of 2008. Gasoline - data, forecasts, historical chart - was last updated on October of 2021.
Gasoline is expected to trade at 2.55 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 2.75 in 12 months time.