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Hurricane Season Could Push U.S. Gasoline to $4/gal: Goldman

OIL PRODUCTS

U.S. retail gasoline prices could rise to nearly $4/gal in October if the Hurricane Season is extreme according to Goldman Sachs.

  • The bank said U.S. gasoline prices could drop to $3.2/gal in October if crude prices are flat and disruptions are avoided.
  • Goldman said “Our base case is that US retail gasoline prices average $3.4/gallon in October this year, as a recovery in crude oil prices roughly offsets the seasonal easing in gasoline margins.”
  • Most forecasts suggest this could be an above average season for hurricanes in the Atlantic Basin, creating greater risk for Gulf refiners.
  • On the bearish side for US gasoline, the start of the summer driving season has seen sluggish demand. OPIS said it may struggle get above 9mn bpd this year.
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