Gasoline prices at the pump marked a modest weekly decline on Sunday, their first in four weeks --- and may have already reached their summer season peak,...
Gasoline prices at the pump marked a modest weekly decline on Sunday, their first in four weeks — and may have already reached their summer season peak, according to GasBuddy.
On Sunday, the average price for regular unleaded gas edged down by a slight 0.8 cent from a week ago to $3.64 a gallon, according to data from GasBuddy. That’s up 22.8 cents a month ago, but down 46.4 cents from a year ago. Gas prices typically peak between May and June, he said. The oil market has shown “significant cracks in strength,” and the market “may have seen the peak in the national average already occur, a few weeks earlier than average.”
The price of oil has continued to come under selling pressure as the global outlook remains “cloudy, with continued prospects of a global slowdown in demand, but OPEC+ cuts also on the other side of the equation,” GasBuddy wrote in its Fuel Insights newsletter Monday. OPEC+, which comprises members of the Organization of the Petroleum Exporting Countries and their allies, in early April unexpectedly announced a production cut of about 1.16 million barrels a day that would take effect in May.
Milne said gasoline inventory in the U.S. should build as refineries finish seasonal maintenance, which was the most active spring maintenance season in five years, and exports remain strong.
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