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

gasoline futures prices

May 3rd, 2018

The EIA released its weekly gasoline inventory data on May 2. It reported that US gasoline inventories increased by 1.1 MMbbls (million barrels) to 237.9 MMbbls from April 20 to 27. However, gasoline inventories dropped by 3.2 MMbbls or 1.3% year-over-year.

gasoline

Analysts had estimated that US gasoline inventories could have declined by 0.6 MMbbls from April 20 to 27. US gasoline futures fell on May 2 due to an unexpected build in gasoline inventories. US gasoline futures fell 0.3% to $2.07 per gallon. The United States Gasoline ETF (UGA) aims to follow the performance of US gasoline futures. UGA fell ~0.7% to $33.05.

Gasoline and crude oil futures usually move together. US oil futures rose 1%. The United States 12 Month Oil Fund (USL) aims to track the performance of WTI oil futures. USL rose ~0.5% to $23.6.

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crude oil futures news

crude oil futures news

January 21st, 2016

Gasoline futures had earlier this week traded as low as $1.0005 — the weakest price in seven years.

But on Thursday, a weekly report from the US energy department showed domestic gasoline, or petrol, consumption was a robust 9.1m barrels per day, up nearly 600,000 b/d from a week before.

Nymex February gasoline futures rose 2.6 per cent to $1.0442 per gallon.

“The market is reacting to the weekly change in demand,” said Andy Lipow, president of Lipow Oil Associates, a consultant in Houston.

Petrol is an important indicator for the strength of the US economy. As retail prices dropped below $2 a gallon in the US, Americans have flocked to the highways and started buying more pickup trucks and bigger cars. The average fuel economy of new vehicles is down by almost a mile per gallon since mid-2014, according to the University of Michigan Transportation Research Institute.

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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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February 28th, 2013

Gasoline futures rose, narrowing the largest monthly decline since October. Crack spreads widened for the first time in four days.

The March contract’s discount to April futures narrowed 0.47 cent to 24.51 cents a gallon as the U.S. prepares to switch from winter- to summer-grade fuel. The April crack spread, or premium over West Texas Intermediate crude on Nymex, increased 26 cents to $36.96 a barrel. The spread versus Brent crude on the ICE Futures Europe exchange in London was up 6 cents to $18.66. WTI and Brent were poised for monthly losses.

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January 2nd, 2013

Gasoline rose as Congress approved a budget deal that averts spending cuts and higher taxes for most Americans that threatened the U.S. economic recovery.

Unleaded gasoline futures climbed as the House passed a bill undoing income tax increases that took effect yesterday for more than 99 percent of households. The bill, already passed by the Senate, avoids more than $600 billion a year in scheduled spending reductions and tax gains known as the fiscal cliff.

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August 27th, 2012

Gasoline Futures – U.S. stocks fell while Treasuries rose as investors awaited a speech from Federal Reserve Chairman Ben S. Bernanke to gauge the outlook for monetary policy. Apple Inc. (AAPL) surged after winning a patent case.

The S&P 500 slipped less than 0.1 percent to close at 1,410.44 at 4 p.m. in New York. Apple rallied to a record. Ten- year Treasury yields lost four basis points to 1.65 percent. Spot gasoline on the U.S. Gulf Coast rose to the highest price in almost four years after refineries shut as Tropical Storm Isaac approached Louisiana. The Stoxx Europe 600 Index rose and Spain’s bonds halted a three-day drop.

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Aug 22, 2012

Gasoline futures rose after the Energy Department reported stockpiles declined for a fourth consecutive week.

Gasoline supplies fell 962,000 barrels to 202.7 million in the seven days ended Aug. 17, according to department data. The median estimate of 12 analysts surveyed by Bloomberg called for a 1.35 million-barrel decrease.

September-delivery gasoline rose 0.69 cent to $3.0721 a gallon at 10:35 a.m. on the New York Mercantile Exchange. Prices were $3.0675 before the report’s release at 10:30 a.m. in Washington.

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gasoline charts

Gasoline and oil gain

August 3rd, 2012

Gasoline futures and heating oil gained as U.S. payrolls rose more than estimated in July and a sagging dollar boosted the investment appeal of commodities.

Gasoline futures rose after payrolls climbed 163,000, more than the 100,000 median estimate of 89 analysts in a survey by Bloomberg. The dollar fell against the euro after members of German Chancellor Angela Merkel’s coalition signaled they won’t oppose European Central Bank President Mario Draghi’s plan to buy government bonds to ease the region’s debt crisis.

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