U.S. Gasoline Futures Settle at Record High Ahead of Summer
- Fuel demand is expected to rise in the coming months
- Prices have risen as Russia’s war tightened global supplies
A fuel nozzle in a vehicle at a gas station in San Francisco.
Photographer: David Paul Morris/BloombergThis article is for subscribers only.
Gasoline futures in New York settled at a record high on Friday, three weeks before the start of the U.S. summer driving season.
At $3.76 a gallon, the futures are at their highest level in data going back 1986. Moves in futures prices typically foreshadow those in pump prices, which are approaching the record set in early March, when U.S. banned Russian oil imports after it invaded Ukraine.