Commodities Buzz: US Gasoline Prices Supported On Falling Inventories Says EIA

1 Sep 2022 , 02:15 PM

The US EIA stated in a latest update that on August 29, 2022, the Monday before the Labor Day weekend, the regular gasoline retail price averaged $3.83 per gallon (gal) across the United States, an increase of 69 cents/gal (22%) from the same time in 2021. The retail gasoline price has decreased by $1.18/gal since it peaked in mid-June 2022 and has fallen every week since June 13, according to our Gasoline and Diesel Fuel Update. The Labor Day weekend marks the unofficial end to the summer driving season, when gasoline demand is usually at its highest in the United States. Tighter global crude oil supplies and constraints on refiner capacity have contributed to reduced fuel availability and higher gasoline prices in 2022. As a result, gasoline inventories have remained below the five-year (2017-2021) low since May. Between June and July, decreasing prices most likely reflected increasing gasoline inventories. However, between July and August, gasoline inventories decreased as lower refinery runs in the Midwest and on the West Coast have contributed to less gasoline production.Powered by Commodity Insights