Gasoline prices are in retreat from all-time highs at both the wholesale and retail level. “Gasoline demand weakness against historical seasonal strength is pressing retail prices lower,” Brian Milne, analyst at DTN, told MarketWatch.
Gasoline prices are in retreat from all-time highs at both the wholesale and retail level, signaling that an earlier surge to all-time highs took a toll on fuel demand despite the so-called summer driving season.
The Energy Information Administration on Wednesday reported that gasoline inventories rose 3.5 million barrels last week. Analysts surveyed by S&P Global Commodity Insights had looked for a rise of 400,000 barrels. Refiners, in response to strong margins as a result of gasoline’s earlier surge, have cut refinery runs, but continued running near 94% capacity. Taken together, this has allowed gasoline inventories to build, rising by more than 9.3 million barrels in the first two weeks of July alone, Milne noted.
The RBOB gasoline crack spread was down 1.39% to $31.90 and traded to a low of $31.70 versus the nearly three month low of $31.36 from Tuesday, he said.
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