Gasoline

Gasoline futures extended gains to above $2.4 per gallon, recovering further from a one-year low of $2 touched on December 8th, moving in tandem with higher crude prices on optimism about future fuel demand. On the supply side, OPEC and its allies decided in December to stick with their policy of curtailing oil output, restricting global supplies by 2 million barrels per day until the end of 2023. Meanwhile, data from the EIA's Weekly Statistical Bulletin showed US gasoline stocks rose by 4.114 million barrels in the week ending January 6th, following a 0.346 million draw in the previous period, and compared to analysts' expectations of a 1.186 million increase. The report also indicated gasoline production rebounded by 67 thousand barrels, up from a 1.678 million draw.

Historically, Gasoline reached an all time high of 4.33 in June of 2022. Gasoline - data, forecasts, historical chart - was last updated on January of 2023.

Gasoline is expected to trade at 2.35 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 2.65 in 12 months time.