24 January 2023 | Macroeconomics

Gasoline prices in U.S. continue to grow

On Monday, the latest data from AAA showed that an increase in gasoline prices has been observed for the fourth week in a row. They rose up 32.7 cents in the last month, driven by higher crude oil prices.

Gasoline price grows together with the price of WTI crude. The price of this brand’s crude rose by $3 per barrel compared with last week, and by $2 per barrel compared with last month. 

On Monday, head of petroleum analysis at GasBuddy Patrick DeHaan published a note. He stated in it that gasoline prices were rising along with crude oil prices, as problems with refineries prevented the supply of gasoline from boosting growth.

DeHaan added that macroeconomics continues to put pressure on oil and petrochemicals, and high demand in China hasn’t slowed down due to an increase in new coronavirus cases. Part of the Strategic Petroleum Reserve was also used. There are growing fears that the supply will shrink soon without additional oil. This isn’t good for motorists in the long term, as prices may continue to rise.

Company MarketCheese
Period: 29.11.2024 Expectation: 700 pips
AUDCAD does not exit downward trend lines
22 November 2024 42
Period: 02.12.2024 Expectation: 560 pips
Brent oil on its way up after exiting bilateral pattern
22 November 2024 135
Alexandra_Belova
Alexandra_Belova

Listed among the best MarketCheese authors
1st in the segment "Oil and gas"
2nd in the segment "Currencies"
Period: 26.11.2024 Expectation: 2840 pips
Selling USDJPY with target at 152.00 influenced by BoJ policy
21 November 2024 92
Elena_Dorokhina
Elena_Dorokhina

Listed among the best MarketCheese authors
1st in the segments "Currencies" and "Metals"
2nd in the segment "Oil and gas"
Period: 25.11.2024 Expectation: 700 pips
EURUSD can not move far away from 1.052 level yet
20 November 2024 88
Period: 12.12.2024 Expectation: 2080 pips
Canadian statistics reverse USDCAD to selling
20 November 2024 70
Elena_Dorokhina
Elena_Dorokhina

Listed among the best MarketCheese authors
1st in the segments "Currencies" and "Metals"
2nd in the segment "Oil and gas"
Period: 30.11.2024 Expectation: 660 pips
Selling AUDCAD to 0.9040
20 November 2024 50
Go to forecasts