$5-6 SUMMER: Gasoline Tops $5 a Gallon in 13 States as US Nears $6 Summer

The country’s gasoline stockpiles fell to 219 million barrels in the most recent report from the Energy Information Administration, the lowest seasonal level since 2015. In the Central Atlantic, where regional supplies can have an outsized impact on gasoline futures trading in New York, inventories have fallen to their lowest level ever for this time of the year in data going back to 1993.

Low stockpiles have so far overshadowed slower gasoline demand growth, which lags the uptick typical for this time of year.

“I do expect consumer resistance to the high gasoline retail price to begin to evidence itself,” said John Kilduff, co-founder of Again Capital LLC.