Rising retail prices, lower fuel inventories, and increased refinery runs suggest a strong start to the U.S. summer driving season, despite concerns over economic indicators.
A rate hike pause is also a factor conducive to higher oil—and fuel—prices, which might begin eating into demand for the latter at some point. On the other hand, the latest inventory data from the American Petroleum Institute showed a build in gasoline inventories, suggesting that demand is not that strong, after all.
The data shows that the national average for the third week of June was $3.592 per gallon, which was a bit higher than the $3.545 per gallon that was the average price a week earlier and higher still than the month-ago average, which stood at $3.537 per gallon. The problem is that fuel inventories are relatively tight, Reuters noted in a recent report. Even with several weekly increases, gasoline inventories are tight enough to prompt a price surge in case of a refinery outage. And such outages are common when hurricane season overdelivers.
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