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US Gasoline Prices Set to Lose Steam: Reuters

OIL PRODUCTS

A surge in US gasoline prices is set to abate earlier than expected as geopolitical concerns ease, according to Reuters.

  • This raises optimism that end users will find some relief ahead of peak driving season.
  • US gasoline prices are a key talking point during the ongoing US presidential election campaign.
  • The national average for a gallon of gasoline was $3.66 April 23, up 4% on the month, but stable year on year, according to AAA data.
  • JP Morgan wrote in March that disruptions to Russian refining could push gasoline prices about $4/gal.
  • US gasoline stocks were down by 0.6m bbl, while mogas demand was 8.42m b/d
  • The next few weeks should see many refineries wrapping up their work and gasoline output should rise, putting downward pressure on gasoline prices soon,” said Patrick De Haan, head of petroleum analysis at GasBuddy. “
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