New York, January 13, 2026, 07:34 EST — Premarket
- Shares of United States Gasoline Fund (UGA) climbed roughly 1% in early trading.
- According to AAA, U.S. pump prices edged up as the week began.
- Attention turns to new U.S. fuel inventory figures expected Wednesday.
Shares of United States Gasoline Fund LP (UGA) ticked up about 1.1% in early trading Tuesday as oil prices surged amid concerns that unrest in Iran could tighten supply. Brent futures climbed $1.20, or 1.9%, to $65.07 a barrel by 1150 GMT. U.S. West Texas Intermediate rose $1.23, roughly 2.1%, hitting $60.73. “The oil market is building in some price protection against geopolitical drivers,” said John Evans, an analyst at PVM Oil Associates. (Reuters)
Gasoline prices impact households fast. On Tuesday, AAA reported the U.S. national average for regular gasoline at $2.820 a gallon, a slight rise from $2.796 the previous day. However, this is still under last month’s $2.917 and down from $3.065 a year ago. (AAA Fuel Prices)
Wholesale prices shifted as well. Front-month NYMEX RBOB gasoline futures — the key U.S. benchmark for gasoline derivatives — last traded near $1.7986 a gallon, rising 0.27%, according to CME data late Monday. (CME Group)
UGA is an exchange-traded product that tracks daily gasoline price changes by referencing near-month RBOB gasoline futures, according to its sponsor, United States Commodity Funds. It is listed on NYSE Arca.
Gasoline-related stocks showed a mixed picture. Valero Energy (VLO) slipped around 3.1% in early trading, while Marathon Petroleum (MPC) dipped about 0.4%. Refiners typically gain when the gasoline “crack spread”—the difference between fuel prices and crude, a key indicator of refining margins—broadens, though that dynamic can reverse quickly if crude prices surge.
Recent government figures confirm the U.S. remains stocked up for the season. According to EIA data, total U.S. gasoline inventories rose to 242.036 million barrels for the week ending Jan. 2, up from 234.334 million barrels the previous week. (U.S. Energy Information Administration)
Demand lost some steam. According to EIA figures, finished motor gasoline supplied—a stand-in for consumption—fell to 8.170 million barrels per day for the week ending Jan. 2, down from 8.563 million barrels per day the previous week. (U.S. Energy Information Administration)
Retail prices tend to trail futures. Taxes, blending requirements, and distribution expenses create a sizable gap above the wholesale barrel, and gas stations don’t adjust prices hourly. This delay can last several days before disappearing.
But things could still go wrong on two fronts. Goldman Sachs warned in a note that oil prices may slip this year, as a surge in supply triggers a market surplus, despite ongoing geopolitical tensions driving volatility. Plus, UGA faces its own challenges: it’s caught in contango, where futures further out trade at a premium to front-month contracts — a setup that can eat into returns even if spot gasoline prices hold steady. (Reuters)
The next major event hits Wednesday, when the U.S. Energy Information Administration releases its weekly Petroleum Status Report, offering fresh data on gasoline inventories and demand that traders watch closely. (U.S. Energy Information Administration)
