Gasoline prices averaged USD 2.05 per gallon in October, up 4.0% from September. On 31 October, the commodity traded at USD 1.97 per gallon, up 1.5% from 30 September.
The rise mirrored that of crude, amid the rising risk of a wider Middle East war. The crack spread—gasoline’s price premium over crude—rose only a tad from September’s 11-month low: U.S. refinery capacity utilization remained high at 89% (September: 90%) and U.S. gasoline demand fell below its 10-year seasonal average.
This chart displays Gasoline (US$/gal) from 2022 to 2024.
RBOB Gasoline (prices in US$/gal, aop)
| Q1 2023 | Q2 2023 | Q3 2023 | Q4 2023 | Q1 2024 | Q2 2024 | Q3 2024 | Q4 2024 | |
|---|---|---|---|---|---|---|---|---|
| RBOB Gasoline | 2.52 | 2.60 | 2.72 | 2.20 | 2.37 | 2.57 | 2.26 | - |