Sign up to create alerts for Instruments,
Economic Events and content by followed authors
Free Sign Up Already have an account? Sign In
CountdaMoney
Aug 31, 2022 12:26PM ET
🤣🤣🤣 nope
0
0
Quotes
All Instrument Types
- All Instrument Types
- Indices
- Equities
- ETFs
- Funds
- Commodities
- Currencies
- Crypto
- Bonds
- Certificates
Please try another search
🚨 Our Pro Data Reveals the True Winner of Earnings Season Access Data
U.S. gasoline prices fall to pre-Ukraine invasion levels
© Reuters. Gasoline prices are displayed as fuel costs continues to climb close to record setting territory in Encinitas, California, U.S., May 9, 2022. REUTERS/Mike Blake
By Arathy Somasekhar
HOUSTON (Reuters) -U.S. wholesale gasoline prices fell to their lowest levels since before Russia's invasion of Ukraine on Wednesday, suggesting motorists in the world's largest energy consumer will see lower pump prices in coming weeks.
U.S. gasoline futures fell as low as $2.5899 per gallon on Wednesday, the lowest since Feb. 18, just before Moscow invaded Ukraine, setting off a series of sanctions from the United States and its allies that boosted prices across the energy markets to multi-year highs.
Energy costs have been the primary driver of global inflation, with retail gasoline prices hitting an all-time record in the United States at more than $5 a gallon in mid-June.
Lack of spare refining capacity pushed costs for refined products higher, but headed into winter, gasoline prices have started to retreat as demand dips.
U.S. stocks of gasoline fell 1.17 million barrels, to 214.48 million, their lowest since November, according to data released on Wednesday by the Energy Information Administration.
"We've probably seen the highest refinery utilization rate and that's going to keep sliding away as summer driving season ends and refiners head into maintenance season," said Bob Yawger, director of energy futures at Mizuho Securities.
U.S. demand ticked higher in the most recent week, with product supplied climbing to 8.59 million bpd, though Yawger predicted gasoline demand likely will trend down.
Fears of a global recession and record amount of emergency oil sales from national reserves have helped cool crude oil futures as well as gasoline markets.
Wholesale gasoline futures, known as reformulated blendstock, peaked at $4.31 a gallon in early June. Retail U.S. gasoline prices hit a record of $5.016 two weeks later, according to American Automobile Association data.
Since then, the wholesale price has dropped by 37%, while retail prices are down 23%. Prices are down in every state, with the Midwest seeing some of the biggest declines.
Heating oil futures have remained elevated ahead of increased use of that fuel in the cold winter months.
BP (NYSE:BP)'s Whiting, Indiana refinery is restarting after a few days offline following an emergency. Kilduff said that news also helped lower wholesale gasoline prices.
Related Articles
Comments (3)
Casador Del Oso
Aug 30, 2022 6:54PM ET
So what happens if all this good news results in OPEC+ production cuts?
4
0
Gary Piccone
Aug 30, 2022 4:57PM ET
Demand worsen? Go across any bridge in NYC, go up and down the NYS Thruway. No one cares about high gas prices
5
3
Arvind Ganotra
Aug 30, 2022 4:57PM ET
Situation will change after Labor Day weekend. Moreover most of us are done with post pandemic travel and will looking to save now as winter is coming
1
5
Add Chart to Comment
Confirm Block
Are you sure you want to block %USER_NAME%?
By doing so, you and %USER_NAME% will not be able to see any of each other's Investing.com's posts.
%USER_NAME% was successfully added to your Block List
Since you’ve just unblocked this person, you must wait 48 hours before renewing the block.
Report this comment
I feel that this comment is:
Comment flagged
Thank You!
Your report has been sent to our moderators for review
Add a Comment
We encourage you to use comments to engage with other users, share your perspective and ask questions of authors and each other. However, in order to maintain the high level of discourse we’ve all come to value and expect, please keep the following criteria in mind:
Enrich the conversation, don’t trash it.
Stay focused and on track. Only post material that’s relevant to the topic being discussed.
Be respectful. Even negative opinions can be framed positively and diplomatically. Avoid profanity, slander or personal attacks directed at an author or another user. Racism, sexism and other forms of discrimination will not be tolerated.
Perpetrators of spam or abuse will be deleted from the site and prohibited from future registration at Investing.com’s discretion.