- U.S. gasoline pump prices rose to new two-year highs on Tuesday, but the futures market signaled a coming end to the fuel supply crunch created by Hurricane Harvey as oil refineries return to service.
- While gasoline futures (NYSEARCA:UGA) yesterday fell 2.8% to $1.6991 per gallon, the average price for a gallon of gasoline at the pump rose 1.1 cents to $2.65 a gallon, extending the 27 cent surge for the week ended Monday.
- Consumers could continue to see elevated pump prices for a number of weeks, as refiners and pipelines gradually ramp up and depleted inventories are slowly replenished; analysts at AAA thinks retail gasoline prices could increase another 5-10 cents in the next week.
- Few refineries have reported the kind of major damage that hobbled plants for months following hurricanes Katrina and Rita in 2005, but some are likely to be offline for several weeks; Morgan Stanley (NYSE:MS) says it took 3-5 weeks for refining capacity to return to normal levels after storms in 2005 and 2008.
- Now read: Crack Spreads Continue To Support Crude Oil
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Gasoline supply crunch set to ease soon, but consumers will still feel the pinch
Published 09/06/2017, 04:28 AM
Gasoline supply crunch set to ease soon, but consumers will still feel the pinch
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