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Sizzling US Gasoline Market Cools With Futures, Pump Price Dip

Seasonal demand growth is lagging while refiners are ramping up production.

A fuel pump at a Chevron gas station in Menlo Park, California.

A fuel pump at a Chevron gas station in Menlo Park, California.

Photographer: David Paul Morris/Bloomberg
Updated on

Cooling pump prices and futures contracts are signs that the US gasoline market may be taking a breather amid slower demand growth and higher refinery runs.

The average national pump price in the US fell slightly overnight for the first time in nearly three weeks, according to data from auto club AAA. The glimmer of softness echoes a weaker futures market, where a fourth straight day of declines in New York trading saw the Nymex RBOB contract settle at $3.8942 a gallon, the lowest level in nearly three weeks. But at $5.014 a gallon, US drivers are still paying in excess of 60% more at the pump to fill up their car compared with the same time a year ago.