Gas price tumble since May buys a Big Mac and fries

TheStreet··Read original
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Summary · why it matters

U.S. gasoline prices have fallen about 17% since mid-May, with the national average now around $3.80 a gallon, saving drivers roughly $11 on a 15-gallon fill-up compared to the May 16 peak of $4.56. The decline comes amid hopes for a U.S.-Iran cease-fire, as President Trump seeks to avoid what he called an economic catastrophe, though talks remain uncertain and Israel remains opposed. Light sweet crude oil is still up 23% year-to-date at about $71 per barrel, down from its March 9 peak of $119.48, while Brent crude is up about 20% from December's close. The war has threatened oil flows through the Strait of Hormuz, which previously handled 20% of global daily oil shipments, and further price relief could come if gas falls to $3.50 as some expect.

Impact on assets 3

Others▼ · 3 stocks
⛏Brent Crude Oil Futures
BRENT
▼ NegativeGeopoliticsrelevance

Gasoline price drop and hopes for U.S.-Iran cease-fire reduce crude oil demand expectations, pressuring Brent futures.

⛏RBOB Gasoline Futures
GASOLINE
▼ NegativeGeopoliticsrelevance

Gasoline prices have fallen 17% since May, reflecting lower demand and potential cease-fire relief, pressuring RBOB futures.

⛏Crude Oil WTI Futures
WTI
▼ NegativeGeopoliticsrelevance

Gasoline price drop and hopes for U.S.-Iran cease-fire reduce crude oil demand expectations, pressuring WTI futures.

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