Gasoline prices (per AAA) edged up this week, from $3.532 to $3.561. One year ago the price had ballooned to $4.598
Consumption increased +0.2% from last week, and stands 1.5% above year ago numbers. (This is a four week moving average).
The import/export surplus of gasoline since last March 1st 2022, stands at +98.9M barrels. The import/export numbers have really not changed that much over the past few weeks and this past week showed more imports than exports, by 300K.
Where will pump prices be next week? The crack spread is starting to edge up and the range appears biased to the upside. My estimate would be another 6.6¢ on top of current.
Here's hoping I am wrong and prices will go down. Still, the likelihood of $4 national average is becoming less likely.
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