New York, February 20, 2026, 13:58 EST — Regular session
- Front-month RBOB gasoline futures hovered at $2.01 a gallon, essentially unchanged, but still showing a roughly 5% gain for the week.
- The U.S. national average pump price dipped to $2.92 a gallon, according to AAA, though the group warned a seasonal uptick is likely on the way.
- Valero shares moved higher, Phillips 66 also gained. Marathon Petroleum saw little movement.
Gasoline futures in the U.S. hovered at $2.0065 a gallon Friday afternoon, holding steady after moving between $1.9961 and $2.0244. That’s roughly a 5% gain compared to where things stood at the end of last week.
This hits because gasoline prices are front and center for consumers—and for headline inflation data. Wholesale moves tend to filter through to stations, though there’s often a lag of a few weeks before retailers catch up.
AAA put the national average for regular at $2.92 a gallon, just below last week’s mark. According to the group, pump prices may soon head upward as refiners move to summer-blend gasoline, a costlier, lower-volatility product.
Government figures this week showed a 3.2 million barrel drop in gasoline inventories, down to 255.8 million for the week ended Feb. 13, while demand ticked up to 8.75 million barrels per day. Refinery utilization jumped to 91%—a one-month high. The EIA’s measure of total product supplied, a stand-in for overall demand, hit 21.65 million barrels per day. “Support for oil prices came from a very bullish EIA report,” UBS’s Giovanni Staunovo said. Price Futures Group’s Phil Flynn pointed to drivers “get[ting] their cars out of the snow.” Reuters
Refiners split direction in the session. Valero climbed 0.9%, Phillips 66 ticked up 0.3%. Marathon Petroleum held steady.
Gasoline crack spread: that’s what group investors keep an eye on. It tracks the difference between crude prices and gasoline, and serves as a shorthand for how refineries are faring on profits.
The situation can reverse fast. More barrels coming back online after maintenance, an uptick in imports, or a weaker crude market—all of these could boost supply and push wholesale prices lower.
The EIA said regular gasoline averaged $2.924 per gallon for the week ending Feb. 16, while West Coast drivers paid $4.045. Traders are eyeing the agency’s next update, coming Feb. 24, to gauge if retail prices are catching up to the move in futures.
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