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Gasoline Futures Point to Pricey Fill-Ups

By Jim Wyckoff

 About this article:
 Reformulated gasoline blend-stock (RBOB) futures on the New York Mercantile Exchange this week hit a fresh seven-month high of $1.8315 a gallon, basis the July futures contract, as a three-month uptrend in prices continues. The Nymex gasoline futures price is a wholesale price. Consumers are paying significantly higher retail prices at the pump. The Memorial Day weekend typically kicks off the start of a three-month "peak demand" period of higher gasoline consumption as Americans hit the highways for summertime activities, including vacations. However, gasoline demand this driving season is expected to be down a bit, amid the worst U.S. economic downturn since the Great Depression of the 1930s. The U.S. Energy Information Administration Wednesday posted a second weekly decline in the nation's crude stockpiles. However, inventories remained at their highest levels since 1990. U.S. gasoline stocks have dropped below the five-year average level, according to the EIA....

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