New York, Feb 4, 2026, 06:54 (EST) — Premarket
- U.S. gasoline futures ticked up in early trading following volatile moves earlier this week
- Pump prices stay close to $2.90 a gallon, with crude oil carrying a geopolitical premium
- Traders are eyeing U.S. inventory figures due Wednesday and the U.S.-Iran negotiations set for Friday
U.S. gasoline futures edged higher Wednesday morning, nudged by stronger crude and renewed tensions in the Middle East. The front-month RBOB contract, a key gauge for wholesale gasoline, gained roughly 0.4%, settling near $1.9049 per gallon.
This shift is significant since wholesale gasoline influences what retailers charge, eventually hitting the pump after a delay. It’s also among the fastest energy costs consumers spot, for good or ill.
Markets are wrestling with conflicting signals: geopolitical news pushing crude prices up, while weekly stock reports trigger sell-offs if supplies appear ample. During winter, weaker demand makes inventory surprises hit harder.
The March RBOB contract bounced back, climbing 4.65 cents, or 2.51%, in Tuesday’s close, following a steep 4.72% drop on Monday.
Crude oil led the move once again. Brent climbed about 0.7% to $67.79 a barrel, while U.S. West Texas Intermediate gained 0.8% to $63.73 by 10:34 GMT. The boost came after the U.S. military downed an Iranian drone and Iranian gunboats neared a U.S.-flagged tanker, sparking concerns around the Strait of Hormuz. Still, broader equity losses capped the upside. Traders also reacted to a report showing U.S. crude inventories dropped by over 11 million barrels.
Oil jumped roughly 2% on Tuesday, rebounding after a sharp 4% drop the day before triggered by President Donald Trump’s comments that Iran was “seriously talking” about nuclear discussions, Reuters reported. Bob Yawger, Mizuho’s director of energy futures, noted in a briefing that “the diplomatic effort to avoid a U.S. military strike in Iran is unravelling.” Reuters
AAA reported the national average price for regular gasoline at $2.887 per gallon on Wednesday, a slight increase from $2.883 the previous day. This compares to $3.107 a year ago.
The Energy Information Administration, the U.S. government’s energy data agency, reported the weekly average price for regular gasoline at $2.867 a gallon for the week ending Feb. 2. The following update is scheduled for Feb. 10.
Gasoline bulls, however, face a straightforward risk on the downside. Should inventories rise once more or demand falter, futures could swiftly surrender their gains—particularly if crude’s risk premium diminishes.
Traders are eyeing the EIA’s weekly petroleum status report, set for release after 10:30 a.m. ET Wednesday, for clues on gasoline stocks, refinery runs, and demand indicators. Friday’s U.S.-Iran talks in Oman are also on the radar, seen as a key factor in supporting crude—and gasoline—prices amid recent headlines.
