New York, January 9, 2026, 06:50 EST — Premarket
- United States Gasoline Fund (UGA) jumped 4.8% on Thursday, mirroring a sharp rise in U.S. wholesale gasoline futures.
- Government data showed crude stocks fell last week even as gasoline inventories rose, muddying the demand picture.
- Traders are watching Friday’s U.S. jobs report and next week’s EIA petroleum update for fresh direction.
United States Gasoline Fund LP (UGA), an exchange-traded fund tied to gasoline prices, climbed 4.8% on Thursday to $64.29. NYMEX RBOB gasoline futures — the main U.S. wholesale gasoline benchmark — rose 3.88% to settle at $1.7603 a gallon and were last around $1.77 early Friday.
The move matters because gasoline is one of the most watched consumer prices in the U.S., feeding into inflation and household spending. AAA’s price tracker put the national average for regular gasoline at $2.807 a gallon on Friday, down about a penny from the prior day, while UGA’s sponsor says the fund is designed to track daily gasoline price moves.
Supply signals have not been clean. U.S. commercial crude inventories fell by 3.8 million barrels to 419.1 million barrels in the week ended Jan. 2, while total motor gasoline inventories rose by 7.7 million barrels, the Energy Information Administration reported. Refineries ran at 94.7% of capacity, and gasoline production dipped to about 9.0 million barrels per day.
Crude’s jump on Thursday helped pull the rest of the energy complex higher. Brent settled up $2.03, or 3.4%, at $61.99 a barrel, while U.S. WTI gained $1.77, or 3.2%, to $57.76, a Reuters market report showed.
But the rally still sits on a supply-heavy backdrop. “Persistent oversupply concerns are capping upside momentum,” Mitsuru Muraishi, an analyst at Fujitomi Securities, said, and Morgan Stanley has estimated a surplus as high as 3 million barrels per day in early 2026; traders have also been tracking U.S.-Venezuela developments highlighted in the same report. reuters.com
Refiner shares moved with the broader energy bid. Marathon Petroleum rose 2.64% to $177.07 and Valero gained 4.06% to $191.32 on Thursday, while Exxon and Chevron also climbed, MarketWatch data showed.
But gasoline has its own risk: inventories are building and winter demand is typically softer, which can blunt rallies in wholesale futures. If crude slips back or the market decides the stockbuilds are the real story, products can give up gains fast.
Traders get a near-term macro test before the bell, with the U.S. Employment Situation report for December due at 08:30 a.m. ET on Friday, the Labor Department schedule shows. The next EIA Weekly Petroleum Status Report is due on Jan. 14.
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