Gasoline prices may have peaked for the summer, but all bets are off if there’s a hurricane or other disruption.
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"If there are no incidents, issues with refineries in terms of breakdowns or hurricane then yes," gasoline prices will head lower, Kloza said."Crude oil stocks are about 152 million barrels behind last year. You could see crude prices take off, or maybe not. I don't regard this as a coast is clear, but you'll get plenty of people who do."
According to the EIA, gasoline demand was 8.5 million barrels per day last week, up from 8.1 million barrels a day the week before. Meanwhile, the four-week average was 8.7 million barrels per day, off from 9.3 million barrels per day a year ago. Kilduff said prior to Covid, demand would have been 9.5 million barrels a day or more at this time of year.
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