gasoline futuresJanuary 2nd, 2019

Gasoline prices at the pump have dropped to their lowest in about a year and half, but could jump by 35% as soon as May, with output cuts by major oil producers expected to boost the price of oil, according to gasoline-price tracker GasBuddy.

The national average price for gallon of gasoline got its lowest start to a year since 2016, “when the national average was also near free fall and eventually hit $1.66 a gallon, said Patrick DeHaan, head of petroleum analysis at GasBuddy.

At an average of $2.229 Wednesday afternoon, gasoline prices were at their cheapest since July 2, 2017, he said, adding that a price of $2.22 would be the lowest since President Donald Trump entered office.

Prices have declined “nearly every day for the last 80 or so,” DeHaan said. “Americans are spending $260 million less on gasoline today than they did some 80 days ago.”

GasBuddy’s 2019 gasoline forecast released Wednesday shows gasoline averaging $2.70 a gallon this year. That would mark a modest three-cent decline from the average for 2018.

In a tweet early Wednesday, President Donald Trump said the low gas prices “are like another Tax Cut!”

Trump’s actions on trade with China will have a big impact on retail prices for gasoline, said DeHaan. “I really see his decision playing a decent size role,” he said, with a China trade deal being “big enough to push the economy up or down, depending on specifics.”

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Gasoline Prices Near Lowest Of Year

On November 26, 2018, in gasoline futures trading news, by Infinity Trading
gasoline futures brokers

gasoline futures brokers

November 26, 2018

Gasoline prices are quickly approaching the lowest prices of the year, and motorists should see additional discounts this week. Just as retailers cut prices on Black Friday, the price of crude also dropped by more than 10 percent – amid concerns that strong global oil production will overpower demand.

Gasoline prices in Georgia are closing in on the lowest of 2018. Sunday’s daily average of $2.39 per gallon is 4 cents higher than this year’s lowest price, established on January 1. The Georgia state average has declined a total of 41 cents in the past 44 days. During the past week alone, it dropped 9 cents

Average prices are at or near the lowest of the year in metro areas like Albany, Atlanta, Columbus, Dalton, Gainesville, Rome, and Valdosta. Click here and scroll down to check daily metro average gas prices.

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Gasoline Futures Prices Continue Slide

On December 30, 2014, in gasoline futures trading news, by Infinity Trading
gasoline futures prices

gasoline futures prices

December 29th, 2014

Gasoline prices fell nearly 75 cents per gallon over the past year in Western Pennsylvania, an online analyst reported Monday, as oil prices driving the discount continued to tumble.

The average price at the pump dropped 7 cents last week to an average of $2.66 per gallon, according to GasBuddy.com’s latest survey of 731 stations in the Pittsburgh region. Motor club AAA put the average price for Western Pennsylvania at $2.64 a gallon.

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gasoline futures brokers

gasoline futures brokers

December 18, 2014

U.S. drivers are paying less than $2.50 a gallon at the pump for the first time in more than five years.

Retail gasoline prices slipped to an average $2.477 a gallon last night, data from the Heathrow, Florida-based motoring group AAA showed. That’s down from this year’s peak of $3.696 in April, and the first time the average has dipped below $2.50 since October 2009.

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gasoline futures prices

gasoline futures prices

gasoline futures prices

gasoline futures prices

October 30th, 2014

The push to end a four-decade limit on exporting U.S. oil may get a boost from a government study set for release as soon as today that will explain the relationship between crude oil and domestic gasoline prices.

Supporters of lifting the ban anticipate the Energy Information Administration analysis will affirm what they suspect: that overseas sales won’t raise the price Americans pay at the pump because the price of gasoline is tied to the global oil supply.

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gasoline futures

gasoline futures

June 30th, 2014

Commodity Speculators boosted bets that gasoline prices will rise on prospects for the most Independence Day traffic in seven years and fighting in the Middle East.

Money managers increased net-long positions by 7.6 percent in the week ended June 24, U.S. Commodity Futures Trading Commission data show. Long positions advanced 5.5 percent and shorts fell 0.3 percent.

Americans traveling by car over the July 4th weekend will pay the most for fuel since 2008, AAA said last week. Pump prices are at the highest level for the period in six years, data from the motoring organization show. Gasoline advanced with crude this month after insurgents captured the northern Iraqi city of Mosul and advanced toward Baghdad.

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unleaded gasoline futures

gasoline futures

June 23rd, 2014

Gasoline in the U.S. climbed this week, boosted by a surge in oil, and is expected to reach the highest level for this time of year since 2008.

The pump price averaged $3.686 a gallon yesterday, up 1.2 cents from a week earlier, data posted on the Energy Information Administration’s website late yesterday show. Oil, which accounts for two-thirds of the retail price of gasoline, gained $2.49 a barrel on the New York Mercantile Exchange in the same period and $4.88 in the month ended yesterday.

The jump in crude, driven by concern that the crisis in Iraq will disrupt supplies, may boost pump prices by 10 cents a gallon at a time when they normally drop, according to forecasts including one from the EIA.

“If things deteriorate even more, the spike could be even bigger than that,” Phil Flynn, a senior market analyst at Price Futures Group in Chicago, said by telephone. “If it weren’t for the situation in Iraq, gasoline would be coming down by now. This will probably keep it elevated all summer. It’s really disappointing.”

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unleaded gasoline

gasoline futures

gasoline1gasoline1gasoline1gasoline1gasoline1May 29th, 2014

Gasoline futures climbed in New York after a tornado-damaged Louisiana refinery shut a crude unit and a government report showed U.S. inventories tumbled.

Prices rose as much as 0.8 percent. Marathon Petroleum Corp. (MPC)’s Garyville, Louisiana, plant, the nation’s third-largest, suffered damage to a cooling tower and shut a crude unit following the tornado yesterday. Motor fuel stockpiles dropped 1.8 million barrels to 211.6 million in the week ended May 23, according to Energy Information Administration data released today.

“The Garyville issue is significant because it’s one of the largest refineries in the country and there’s still no indication of how long it’s going to be down,” said Jim Ritterbusch, president of Ritterbusch & Associates LLC in Galena, Illinois. “The market tends to price in a worst-case scenario.”

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unleaded gas futures

gasoline futures

May 21st, 2014

Gasoline futures rose in New York as demand increased before the start of peak driving season in the U.S. and as West Texas Intermediate crude climbed to a one-month high.

Futures climbed as much as 1 percent as WTI increased 1.9 percent. Demand for the motor fuel over the past four weeks grew to 8.94 million barrels a day, the highest level since November and an increase of 5.3 percent from a year ago. Memorial Day, which falls this year on May 26, marks the unofficial start of the summer driving season. The fuel’s crack spread to WTI dropped to a seven-week low.

“The focus here is that we’re going into a holiday weekend and demand should be high,” said Carl Larry, president of Oil Outlooks & Opinions LLC in Houston.

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Gasoline Futures Advance

On June 18, 2013, in gasoline futures trading news, by Infinity Trading
gasoline options

Gasoline futures advance

June 18th, 2013

Gasoline rose after reports showed the U.S. housing market is strengthening, boosting optimism that fuel demand will improve. Crack spreads widened.

Gasoline futures gained as housing starts climbed 6.8 percent in May to a 914,000 annualized rate. Permits to build single-family homes increased 1.3 percent to a 622,000 pace, the fastest in five years. A report yesterday showed the Federal Reserve Bank of New York’s general economic gauge, known as the Empire State index, climbed to 7.8 this month from minus 1.4 in May, signaling future expansion.

“On top of yesterday’s Empire stats, the housing data was positive,” said Gene McGillian, an analyst and broker at Tradition Energy in Stamford, Connecticut. “We continue to get indications that economy is improving.”

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