Gasoline prices (per AAA) eased down from last report at $3.584, or -0.7¢. One year ago the price had ballooned to $4.955, and was on its downward trajectory... into the mid September lull, around $3.67.
Consumption slipped -1.2% from last week, and stands 2.7% above year ago numbers. (This is a four week moving average).
The import/export surplus of gasoline since last March 1st 2022, stands at +98.7M 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.
Where will pump prices be next week? My estimate last week was ±5.0¢ and down -0.7¢.
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 ±7¢, with a downward bias. Okay, for a bold number... national average for AAA at $3.511, on next the 28th of June.
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