JPMorgan expects gasoline prices to rise at gas stations in the United States by an additional 37% by next August, to reach $ 6.20 a gallon.
The bank also expected that US refiners’ consumption of crude would reach a peak of 16.8 million barrels per day in August, which means that US refineries will produce about 8.2 million barrels per day of gasoline.
This comes at a time when US natural gas futures rose more than 4% after falling daily production and expectations of warmer weather conditions and an increase in demand for cooling air over the next two weeks.
Gas contracts for June delivery ended the trading session 34.8 cents higher, or 4.4%, to record at a settlement of $8,304 per million British thermal units, according to “Reuters”.
And US gas futures are up about 122% since the start of the year, as higher global prices keep demand for US LNG exports strong since the Russian invasion of Ukraine.