US Gasoline Futures Slump To 11 Month Low, Inventories Rising

6 Dec 2022 , 12:38 PM

The US Gasoline futures are slumping heading into the yearend. The commodity has been on a sustained downward trajectory amid comfortable inventories and the recent failure of crude oil prices to hold onto any modest rallies is also impacting Gasoline substantially. The US Gasoline stocks are at a 213.77 million barrels as on November 25th, up from 211.39M one year ago- hitting around two and half month low. Inventories had dropped to a multiyear low of 205.70 million barrels in first week of November. The slump in the inventories was likely due to the rush in demand ahead of a busy Thanksgiving holiday season. AAA had noted that 54.6 million people in the US will travel 50 miles or more from home this Thanksgiving, marking a 1.5% increase over 2021 and 98% of pre-pandemic volumes. However, the futures seem to be turning lower on a continued basis after approaching near $3 per barrel in late October 2022. The futures are currently lingering around $2.20 per barrel – their lowest level in last 11 months. Powered by Commodity Insights