US Gasoline Prices Spike As Inventories Slide Near Four Year Low

US Gasoline Prices Spike As Inventories Slide Near Four Year Low

Nov 25, 2021 12:11 IST capital market

WTI Crude oil futures are holding after the recent bounce from a six week low as firm US demand trends and steep price surge in gasoline market is keeping sentiments supported. The EIA noted yesterday that the average price that consumers paid at the pump for U.S. regular gasoline on the Monday before Thanksgiving this year was $3.40 per gallon (gal). This price is $1.29/gal (62%) higher than last year and is the highest pre-Thanksgiving price since 2012 (in nominal terms), according to latest Gasoline and Diesel Fuel Update. The gasoline prices are 82 cents/gal (32%) higher than at the same time in 2019, before the COVID-19 pandemic. The US gasoline inventories have dipped to their lowest level since 2017. This is keeping WTI Crude oil futures supported around $78 per barrel today though upside is limited on firm US dollar. MCX Crude is down 0.27% at Rs 5845 per barrel.

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