Gasoline Set to Get Even Cheaper as Futures Hit Two-Year Low
- Oil losses, supply surplus drag futures to lowest since 2021
- Pump prices fall to cheapest this year, stalling inflation
The drop in futures means more downward momentum for retail gasoline prices, which have already fallen to $3.202 a gallon, their lowest point of the year.
Photographer: Al Drago/BloombergThis article is for subscribers only.
US gasoline is set to get even cheaper as the underlying futures benchmark sank to a two-year low, a sign that inflation could continue to slow down.
New York gasoline futures settled at around $2 a gallon on Thursday, driven by losses in oil as well as a growing surplus in the physical market. The country’s implied gasoline consumption has fallen to more than 200,000 barrels a day below seasonal norms while supply has increased.