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Gasoline Prices Hold Bearish Trend Amid Weak Demand

OIL PRODUCTS

US gasoline demand reaches the second lowest weekly level since early 2023, falling again last week by 1.5% and was 1.0% below the average of the last four weeks according to GasBuddy data.

  • The national average gasoline prices are almost at the lowest level since 2021 to 3.11$/gal after seeing a weekly decline for 12 weeks. The average diesel price has fallen to 4.10$/gal.
  • US front month rbob gasoline has recovered slightly from the lowest since June of 2.00$/gal on Dec 7. The US cracks spread has been rangebound between about 14$/bbl and 17$/bbl since Nov 9 and still low compared to levels seen in the last couple of years.
    • RBOB JAN 24 up 0.1% at 2.05$/gal
    • EU Gasoline-Brent up 0$/bbl at 8.19$/bbl
    • US gasoline crack down -0.2$/bbl at 15.01$/bbl

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