Americans plan July 4 travel as gasoline averages $3.75 per gallon, near record holiday highs
AI Market Summary
U.S. gasoline demand surged ahead of July 4, while inventories fell sharply, with Gulf Coast stocks at their lowest since Oct 2024. Unplanned refinery outages and the approaching Atlantic hurricane season add near-term supply risk, tightening regional balances despite recent easing in U.S.-Iran tensions that briefly reduced disruption fears. The combination of strong consumption and low stocks is supportive for crude and refined product pricing in the short run.
Impact level
● Medium
Affected assets
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▲ Bullish
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U.S. motorists are heading into the July 4 holiday weekend with gasoline prices still elevated, with the national average at $3.79 per gallon on Thursday, according to GasBuddy. AAA expects a record 72.2 million people to travel at least 50 miles, even as driving and flying volumes are forecast to be relatively flat versus last year. Demand rose to 9.13 million bpd last week, while gasoline inventories fell to 214 million barrels and Gulf Coast stocks dropped to 76.48 million barrels. Unplanned refinery outages and the approaching Atlantic hurricane season are adding to near-term supply concerns, despite a brief easing in prices after U.S.-Iran tensions cooled.
