Gasoline futures were at $3.8 per gallon, easing from the record high of $4.06 touched on May 16th amid recession concerns. Fears of economic slowdown were exacerbated after work from home measures were extended in Beijing as covid cases in the area accelerated, while reports that the EU is unlikely to approve its Russian oil embargo in next week’s leader meeting also reduced energy prices. Still, prices remain close to record highs ahead of the US peak driving season, expected to kick-off following Memorial Day weekend at the end of May. At the same time, EIA data showed gasoline stocks shrank by 4.8 million barrels in the week ending May 13th.
Historically, Gasoline reached an all time high of 4.06 in May of 2022. Gasoline - data, forecasts, historical chart - was last updated on May of 2022.
Gasoline is expected to trade at 3.97 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 4.39 in 12 months time.