{"id":69423,"date":"2023-10-06T09:13:10","date_gmt":"2023-10-06T13:13:10","guid":{"rendered":"https:\/\/ifintechworld.com\/markets\/commodities\/us-gasoline-prices-could-fall-to-3-a-gallon-on-oil-selloff-rising-stocks\/"},"modified":"2023-10-06T09:13:12","modified_gmt":"2023-10-06T13:13:12","slug":"us-gasoline-prices-could-fall-to-3-a-gallon-on-oil-selloff-rising-stocks","status":"publish","type":"post","link":"https:\/\/ifintechworld.com\/?p=69423","title":{"rendered":"US gasoline prices could fall to $3 a gallon on oil selloff, rising stocks"},"content":{"rendered":"
\n

By Laura Sanicola<\/p>\n

(Reuters) – U.S. gasoline prices are heading south and may hit $3 a gallon in many places in coming weeks with futures down $10 a barrel over economic fears and eroding demand. <\/p>\n

The drop in gasoline prices could benefit consumers and cool inflation. But it also may be a sign of economic weakness with U.S. government data showing the four week average of gasoline demand at lowest seasonals in 26 years.<\/p>\n

Before this week’s drop, gasoline prices had posted a 7.4% jump in the third quarter, riding increases in crude oil futures after production cuts from Saudi Arabia, Russia and other OPEC+ members.<\/p>\n

U.S. wholesale gasoline prices are tumbling, with percentage drops per gallon on Wednesday between 6.9% and 10.8%.<\/p>\n

A flurry of weak economic data took more wind out of the market. Crude futures settled an eye-popping $5 a barrel lower on Wednesday, and fell another $1.66 on Thursday.<\/p>\n

The four-week average of motor gasoline product supplied – a proxy for demand – averaged 8.3 million barrels a day, down 5% from the same period last year, the U.S. Energy Information Administration said on Wednesday. [EIA\/S]\n

Demand data was partially influenced as drivers were deterred by severe rain and flooding on the U.S. East Coast.<\/p>\n

Gasoline stocks built by 6.5 million barrels in the week, well above analysts’ expectations. <\/p>\n

“All told, fuel prices may be closer to consumers’ pain threshold than inflation-adjusted prices might suggest,” JP Morgan said in a note on Wednesday, indicating that high prices have led to consumers cutting back on driving.<\/p>\n

The 3-2-1 crack spread, a proxy for refining margins, fell below $20 a barrel for the first time in 18 month on Wednesday, and is down nearly 40% in the past month.<\/p>\n

The gasoline crack was $9.63 a barrel, the lowest pandemic-era shutdowns of 2020.<\/p>\n

Gasoline prices, currently averaging $3.77 a gallon, could end up near $3 a gallon in regions including the Midwest and East Coast later this autumn, said Tom Kloza, global head of energy analysis at the Oil Price Information Service (OPIS). <\/p>\n

There were 20 U.S. states with some retailers charging under $3 a gallon, he said, and he expects half of the U.S. to hit that level by Oct. 31. <\/p>\n

The selloff was unusual considering a ban on diesel exports from Russia, continuing oil output cuts from OPEC, and heavy seasonal refinery maintenance curtailing fuel production, Kloza said.<\/p>\n

The U.S. ADP National Employment Report on Wednesday showed private payrolls rising by only 89,000 jobs in September, the smallest count since January 2021.<\/p>\n

Oil sold off on the view that 18 months of interest rate hikes by global central banks were inflicting economic pain.<\/p>\n

“When positioning is stretched it can easily turn into a bloodbath,” said one crude trader. <\/p>\n<\/div>\n

Read the full article here<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

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