US gasoline prices plunged as much as 3.4% to $1.5 per gallon around 12:30 PM NY time on Friday, a level not seen since September 2019, after the latest EIA data showed inventories in the US build even as demand kept subdued. Energy markets have been rattled by fears about the outbreak of a deadly new coronavirus.
Historically, Gasoline reached an all time high of 3.63 in July of 2008.
Gasoline is expected to trade at 1.83 USD/GAL by the end of this quarter, according to Trading Economics global macro models and analysts expectations. Looking forward, we estimate it to trade at 1.99 in 12 months time.