Gasoline ($GASOLINE) Commodity Forecast: Down 2.1% Today

What is Gasoline?

Gasoline is a widely traded commodity used primarily as fuel for vehicles. Today, the market experienced a strong bearish movement.

Why is Gasoline going down?

GASOLINE commodity is down 2.1% on Jun 3, 2024 13:55

• Gasoline futures dropped to a 3-month low due to evidence of slowing demand and ample availability, with US inventories increasing by over 2 million barrels, contrary to market expectations.
• The decrease in product supplied, a key indicator of consumer demand, by 166 thousand barrels right before Memorial Day weekend also contributed to the bearish movement.
• Investors are closely monitoring the upcoming OPEC+ meeting where the cartel is expected to extend voluntary output cuts. The struggle of key oil-exporting nations to comply with production cuts raises skepticism over their ability to react to slowing demand, adding further pressure on gasoline prices.

GASOLINE Price Chart

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Gasoline Price History

29.01.2024 - GASOLINE Commodity was up 8.3%

• Gasoline futures experienced a strong bullish movement due to a combination of factors:
• Recent evidence of low supply and steady demand, with gasoline demand rising and stocks decreasing, leading to a bullish sentiment in the market.
• The decision by a government to ban gasoline exports for six months to address domestic demand and refinery maintenance concerns added to the bullish outlook.
• Anticipation of a draw in gasoline inventories for the fourth consecutive period, coupled with geopolitical tensions affecting WTI crude futures, further supported the bullish trend.
• Despite signs of slowing demand and stable supply in previous weeks, the current market sentiment shifted positively, driven by the latest data and geopolitical developments.

15.01.2024 - GASOLINE Commodity was down 5.1%

• The bearish movement in gasoline today can be attributed to the following factors:
• 1. Drawback in demand and cheaper crude oil prices: The increase in crude oil inventories in the US, along with a drop in gasoline product supplied, tempered the demand outlook for gasoline. Cheaper prices for crude oil inputs also contributed to the bearish movement.
• 2. Geopolitical tensions in the Middle East: Ongoing conflicts in the Middle East have created market instability. Concerns over vessel safety in the Red Sea region due to attacks by Yemen's Houthis have also impacted the market.
• 3. Ukrainian attacks on Russian refineries: The export capacity for Russia was hampered by the attacks on its refineries by Ukraine, adding to the overall woes in the market.
• 4. Market correction after a recent high: Gasoline had recently reached a peak in its price, and the bearish movement could be seen as a correction after the price increase.
• Overall, the bearish movement in gasoline today can be attributed to a combination of factors including demand and supply dynamics, geopolitical tensions, and market corrections after recent highs.

30.10.2023 - GASOLINE Commodity was down 5.1%

• Gasoline experienced a bearish movement today, with prices declining.
• The decline can be attributed to factors such as declining demand and steady supply, as well as the outcome of the OPEC+ meeting.
• Gasoline stocks in the United States saw a significant increase, indicating higher supply levels.
• The market also reacted to the news of a 1% decline in US gasoline consumption forecasted for 2024, which further added to the bearish sentiment.

16.10.2023 - GASOLINE Commodity was down 5.1%

• Gasoline prices have experienced a strong bearish movement, hitting a 48-week low and approaching an 11-month low.
• The decline in gasoline prices can be attributed to several factors, including muted fuel demand, a shift to a more cost-effective winter-blend gasoline, and a projected decline in US gasoline consumption.
• Remote work, improved fuel efficiency, high gasoline prices, and persistent inflation are some of the factors contributing to the anticipated decline in gasoline consumption.
• Surplus gasoline supplies and decreased seasonal fuel demand are also impacting gasoline futures.

04.09.2023 - GASOLINE Commodity was down 5.1%

• Gasoline prices experienced a strong bearish movement due to the decline in WTI crude oil futures and the strength of the US dollar.
• Reduced fueling up during the back-to-school season and less favorable weather conditions also contributed to the decline.
• Despite a slight increase in gas demand, it was still lower compared to the same period last year.
• The increase in total domestic gasoline stocks further added to the bearish sentiment.

29.08.2023 - GASOLINE Commodity was down 5.7%

• Gasoline futures rebounded from a one-month low, tracking the surge in oil prices due to concerns of low supply. This was driven by OPEC nations extending output cuts and the Russian government banning grey fuel exports and raising fuel export duties.
• The latest EIA data reported a decline in gasoline production and a bigger-than-expected drop in crude inventories, further fueling concerns of low supply.
• Gasoline prices also decreased to a four-week low, in line with the seasonal pattern observed during this time of year when there is typically reduced fueling up due to the back-to-school season and less favorable weather conditions. Additionally, Russia's temporary ban on diesel and gasoline exports added pressure to global fuel markets.

31.07.2023 - GASOLINE Commodity was down 7.6%

• Gasoline futures experienced a bearish movement, with prices hovering around $2.8 per gallon, close to a two-week low.
• The dimming demand outlook, as indicated by weaker-than-anticipated business activity figures in the US and Europe, contributed to the downward pressure on gasoline prices.
• The unexpected increase in US gasoline inventories also added to the bearish sentiment, countering market expectations of a draw.
• Reports suggesting that Saudi Arabia may extend its crude production cut provided some support, but it was not enough to offset the overall negative market sentiment.

03.07.2023 - GASOLINE Commodity was down 5.6%

• Gasoline futures in the US fell to $2.75 per gallon, retreating from a one-year high of $2.9, indicating a significant decrease in price.
• The downturn in US energy commodities since the start of August, including gasoline, is being attributed to the market's assessment of the supply outlook.
• The increase in gasoline stocks in the US, which surprised the markets, along with a decrease in product supplied, suggests a potential decrease in demand for gasoline.
• The challenging of record-high cuts in crude oil inventories may also have contributed to the bearish movement in gasoline prices.