New York, Jan 29, 2026, 07:02 EST — Premarket
- NYMEX RBOB gasoline futures gained roughly 1% in early trading.
- AAA’s national average pump price hovered around $2.87 a gallon, showing little movement from Wednesday.
- Traders are balancing refinery outages caused by the storm with gasoline inventories that remain relatively ample.
NYMEX RBOB gasoline futures edged higher early Thursday, buoyed by stronger crude prices following a winter storm that disrupted U.S. energy operations and squeezed near-term supply.
The front-month RBOB contract gained 2.02 cents, or 1.06%, settling at $1.9243 a gallon. (Cmegroup)
That’s significant since U.S. pump prices have stalled their decline and are creeping higher just as refiners usually switch blends and gear up for spring driving season. Wholesale gasoline prices tend to rise first, then trickle down to the pump after a delay.
AAA put the U.S. national average price for regular gasoline at $2.874 a gallon on Thursday, slipping roughly half a cent from Wednesday but still up 2.4 cents from a week ago. (Aaa)
Supply concerns are driving part of the move. Brent crude closed Wednesday at $67.85 a barrel, while U.S. WTI ended at $62.74. Traders pointed to disruptions caused by storms and ongoing tensions in the Middle East. (Reuters)
Patrick De Haan, head of petroleum analysis at GasBuddy, noted that “average gasoline prices have jumped for a second straight week” amid oil climbing back above $60 a barrel. He pointed to fresh Iran-related sanctions and storm damage at refineries as major factors behind the rise. (Automotive Fleet)
Data from the government on Wednesday revealed that U.S. refiners trimmed crude processing last week even as gasoline production climbed. Refineries operated at 90.9% capacity, according to the Energy Information Administration, while total motor gasoline inventories crept up by 0.2 million barrels. (Eia)
Traders know the drill: refinery hiccups and export hold-ups can squeeze physical markets fast, yet if plants fire back up and runs return to normal, winter demand may stay weak and inventories bounce back just as quickly.
One risk for bulls is that the storm’s impact eases sooner than anticipated. Should Gulf Coast refineries resume normal operations and crude supplies stabilize, the recent jump in gasoline cracks—the spread between crude oil and refined products—could reverse sharply.
Demand remains another question mark. EIA data reveals that motor gasoline supplied over the past four weeks averaged 8.3 million barrels per day, a bit under last year’s level — signaling that higher prices might be curbing consumer spending. (Eia)
Refining shares can influence sentiment around products, but in midwinter, traders usually zero in on physical limits and inventories rather than company news, with maintenance schedules and weather conditions taking center stage.
The Feb. 4 EIA weekly petroleum report arrives at 10:30 a.m. ET, alongside updates on refinery restarts and any ongoing supply issues caused by cold weather. (Energy Information Administration)
