Gasoline futures traded above $2.2 a gallon, rebounding from a 2-month low of $2.1 touched earlier in the week, in tandem with oil prices as investors grew optimistic that demand will recover despite the Covid-19 threat. Meantime, latest data from the EIA showed gasoline inventories fell less than expected. US gasoline inventories fell by 0.121 million barrels in the July 16th week, following a 1.039 million increase in the previous period and compared with market consensus of a 1.043 million drop.
Historically, Gasoline reached an all time high of 3.63 in July of 2008. Gasoline - data, forecasts, historical chart - was last updated on July of 2021.
Gasoline is expected to trade at 2.37 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 2.80 in 12 months time.