US Gasoline Analysis – December-28-2023

In recent US gasoline futures analysis, prices have stabilized below $2.2 per gallon. This follows a significant recovery from the two-year low of just under $2 on December 12th. A significant factor influencing this stabilization is the growth in gasoline inventories. According to the Energy Information Administration (EIA), an organization that provides energy statistics and analysis, US gasoline stocks have increased.

In the week ending December 15th, inventories rose by 2.7 million barrels, more than double the market’s anticipated 1.2-million-barrel build. This marks the fifth consecutive week of rising gasoline inventories in the US.

US Gasoline Futures Analysis

US Gasoline Futures Analysis – 4H Chart

US Gasoline Futures Analysis: Supply Uncertainties Impact

The EIA’s data also revealed a 106 thousand barrel drop in product supplied, an important indicator of demand in the US market. Despite this, oil-derived commodities, including gasoline, continue to find support. This is partly due to the uncertain supply situation exacerbated by increased shipping costs for seaborne exports. The ongoing attacks on ships navigating the Black Sea contribute to these higher costs and supply uncertainties.

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