Gasoline futures hovered close to $3.8 per gallon and were on track to end the week flat, as traders began to price in expectations of lower demand tied to concerns over a looming recession. The contract has fallen 10% from a record $4.33/Gal hit on June 6th as demand-side pressures are expected to ease, as traders believe that a recession is more likely to appear, following Fed Chair Jeremy Powell’s comments suggesting that the Fed was focused on bringing inflation down even with the risk of an economic downturn. Meanwhile, President Biden has called on Congress to suspend the 18.4-cents a gallon federal tax on gasoline and asked states to suspend their own gas taxes to relieve consumer prices. The risk of Europe tilting to a recession after Gazprom imposed partial supply cuts and China’s pandemic-induced sluggish demand have also weakened the outlook for gasoline demand abroad.

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

Gasoline is expected to trade at 4.02 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 4.45 in 12 months time.

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Price Day Month Year
Crude Oil 107.88 0.260 0.24% -7.98% 47.96%
Brent 113.45 0.33 0.29% -3.53% 51.91%
Natural gas 6.15 -0.0710 -1.14% -29.15% 71.14%
Gasoline 3.88 -0.0068 -0.18% -3.96% 74.95%
Heating Oil 4.36 -0.0057 -0.13% 7.10% 105.70%
Ethanol 2.82 0.0100 0.36% 2.36% 19.03%
Naphtha 802.89 1.85 0.23% -9.31% 26.54%
Propane 1.21 -0.001 -0.08% -1.54% 24.85%
Uranium 48.45 0.4500 0.94% 2.54% 49.54%
Methanol 2,534.00 -26.00 -1.02% -8.82% -0.35%

Gasoline is the largest single volume refined product sold in the United States accounting for almost half of national oil consumption. The NYMEX Division New York harbor unleaded gasoline futures contract and reformulated gasoline blendstock for oxygen blending (RBOB) futures contract trade in units of 42,000 gallons (1,000 barrels). They are based on delivery at petroleum products terminals in the harbor, the major East Coast trading center for imports and domestic shipments from refineries in the New York harbor area or from the Gulf Coast refining centers. The Gasoline prices displayed in Trading Economics are based on over-the-counter (OTC) and contract for difference (CFD) financial instruments. Our Gasoline prices are intended to provide you with a reference only, rather than as a basis for making trading decisions. Trading Economics does not verify any data and disclaims any obligation to do so.
Actual Previous Highest Lowest Dates Unit Frequency
3.89 3.88 4.33 0.52 2005 - 2022 USD/GAL Daily