Gasoline prices (per AAA) edged up from last report at $3.591, or up +3.8¢. One year ago the price had ballooned to $5.015, which was the all time high.
Consumption increased +2.2% from last week, and stands 3.2% above year ago numbers. (This is a four week moving average).
The import/export surplus of gasoline since last March 1st 2022, stands at +99.2M barrels. The import/export numbers are starting to reflect pre Ukraine invasion pattern. Which was the U.S. importing in the spring- summer and exporting in the fall - winter. It generally was balanced through the year.
Clearly, the upheaval has smoothed out.
Where will pump prices be next week? My estimate last week was ±5.0¢ and ended up +3.8¢.
Not sure that will happen this coming week, as several factors have me leaning to pump prices heading a bit lower. Again, the range may be in the ±5¢, with a slight downward bias.
For fun, here is my current forecast for the remainder of the year.
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