The thinly traded holiday gasoline market bottomed out on December 24th with a NYMEX low of $1.2352 per gallon. Here we are a few days into the New Year trading at a high of $1.4146. Here’s what happened to push prices higher.
On October 3rd The oil market intraday highs were as follow:
Crude Oil – 76.92
RBOB Gasoline – 2.1464
ULSD Diesel – 2.4541
On September 17th I wrote about "Relief at the Pumps," talking about lower gas prices are on the way. Since then retail gas prices have moved higher. In Pittsburgh, PA 87 grade Unleaded gasoline prices are now averaging $3.15 per gallon with a high of $3.239.
The summer grade 7.8 RVP in Pittsburgh, PA gasoline specification requirement expired over the weekend. Now the Pittsburgh market can use the same gasoline specification (Conventional Gas) as most of the state.
As summer winds down and eases back into school, football, and cooler temps, less expensive higher Reid Vapor Pressure (RVP) grades of gasoline enter the distribution system.