| 4 March 2024, Monday |

U.S. gasoline futures settle at lowest since before Ukraine crisis

US gasoline futures finished at $2.6944 per gallon, the lowest close since February 18, before Russia’s invasion of Ukraine.

The Ukraine crisis roiled energy markets, raising fuel prices. Worldwide gasoline prices have also risen due to excessive demand, a shortage of Chinese exports that had supported supplies, and a reduction in global refining capacity due to pandemic-related closures.

However, more recently, fears of a global recession and record amount of emergency oil sales from national reserves have helped cool the market.

U.S retail gasoline prices averaged $3.844 per gallon on Tuesday, well below a record $5.016 hit in June, according to American Automobile Association data, as the summer driving season in the top gasoline consumer comes to an end.

“Demand is only expected to worsen from here,” said John Kilduff, partner at Again Capital LLC in New York.

News that BP’s Whiting refinery restart could begin by Wednesday also impacted gasoline prices, Kilduff added.

  • Reuters