U.S. Gasoline Prices Could Hit $4 Per Gallon Within Days
Gasoline Prices Could Hit $4 Per Gallon Within Days What I Cover Tsvetana Paraskova is an energy and commodities journalist who has contributed to Oilprice.com for nearly a decade, covering global energy markets, commodities,… Following a few weeks of reprieve for drivers, the U.S.
national average price of gasoline could top $4 per gallon within a week, as crude oil prices rallied by about 12% in the three days since Friday amid the all-but-collapsed U.S.-Iran ceasefire.
The renewed hostilities in the Middle East have fueled a new crude oil price rally this week, while tight fuel markets globally are also pushing U.S.
“I've seen enough and believe the national average price of gasoline will again reach $4/gal in the next 7-10 days, if not sooner,” Patrick De Haan, head of petroleum analysis at GasBuddy,wrotelate on Monday, when crude had surged by 9% on the day following theannouncementof U.S.
blockade on Iran would be re-imposed on July 14.
GasBuddy’s key analyst expects price increases of $0.15-0.45 per gallon, depending on price cycling, in the next week or so.
national price of gasolinerose for the first time since May, as the re-escalation of hostilities in the entire Middle Eastern region prompted an oil rally with prices hitting more than one-month highs.
As of the end of the day on July 14, the national average was $3.8590 per gallon, according toAAA data.
That’s up from the $3.79 average from a week ago.
“The pain at the pump is about to intensify, and this time it's not one story driving it, it's two,” GasBuddy’s De Haanwroteearlier this week, noting the double gas price whammy of the re-escalation in the Middle East and Ukraine systematically knocking out Russian refining capacity.
“I now expect the national average price of gasoline to reach $4 per gallon in the next 7-10 days, if not sooner, while the U.S.
average diesel price is likely to again reach $5 per gallon by the end of this week, potentially as soon as Friday,” De Haan said.
| Product | Price | Change |
|---|---|---|
| Brent Crude | $102.14/bbl | +0.34% |
| WTI Crude | $96.90/bbl | +0.21% |
| EN590 Diesel | $846/MT | +0.18% |
| Jet Fuel A-1 | $1090/MT | +0.55% |
| Mazut M100 | $450/MT | -0.15% |
| Bitumen 60/70 | $470/MT | +0.08% |
| Sulphur Gran 99.5% | $470/MT | -0.44% |
| Urea 46% Gran | $650/MT | +1.12% |
| NPK 16-16-16 | $460/MT | -0.28% |
| Nat Gas TTF | $15.42/MMBtu | +0.92% |
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