Gasoline prices (per AAA) rose from last report's $3.803, to $3.825. One year ago the price had fallen to $4.033, and was on its downward trajectory... into the early September lull, about $3.80. It rose a bit, then fell back to the December low.
Consumption slipped -0.3% week over week, and is +1.2% above year ago numbers. (This is a four week moving average).
The import/export surplus of gasoline since last March 1st 2022, rose to +106.2M barrels. That is an +1.8M barrel increase over the week.
I was again overly optimistic, with a projection of -4¢~ -11¢ for the week, and the result a 2.2¢ increase.
My crystal ball was wrong, so could be wrong this time as well. Pump prices really should peak and drift -4¢ to -7¢ lower.
However, the crude and gasoline markets seem to be in a bit of hysteria at the moment. How much fear is warranted and how much is hype? I dunno.
One thing is for certain, the CPI energy index is popping for August, coupled with projected food increases and core remaining hefty. The CPI imprint for tomorrow is projected to rise above last month's annual increase... and August looks like a hard tick upward, at this point.
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