Gasoline futures tumbled below the $4-per-gallon mark, a level not seen in over a month, amid mounting fears that a global economic slowdown triggered by an aggressive tightening from major central banks would dampen demand. Adding to the bearish outlook were the latest EIA data showing that gasoline stocks jumped the most since early January, indicating that soaring retail prices for gasoline curbed demand.
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.