Gasoline futures traded above $2.3 per gallon, the highest level since October 2014 as declining US stockpiles signals summer season demand remains robust despite the spread of the more contagious coronavirus Delta variant. Latest data from the EIA showed gasoline inventories fell by 2.253 million barrels in the July 23rd week, following a 0.121 million decrease in the previous period and compared with market consensus of a 0.916 million drop.
Historically, Gasoline reached an all time high of 3.63 in July of 2008. Gasoline - data, forecasts, historical chart - was last updated on July of 2021.
Gasoline is expected to trade at 2.43 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 2.88 in 12 months time.