US gasoline prices have reached the 5-week high - $3,49 per gallon. As of July 23rd, the average weekly price of “Regular” was set at $3,491 per gallon. According to the Us Department of Energy, this is the highest price since June 18th. Over the week, gasoline appreciated by 6.7 cents per gallon.
What was the reason for higher gas prices? First of all, the prices started growing after the week of reports started on July 2nd. The average price dropped down to the 6-month low, thus reaching $v per gallon. However, a year ago, gasoline prices were much higher.
This year’s highest price was seen on April 2nd 2012. At that time, the average weekly price was around $ 3,941 per gallon.
According to , the gasoline futures contract is currently forming a bearish move. This is just a correction. After the move is completed, the price is expected to resume its rally, especially if the price consolidates above 2,9447. If the price succeeds in consolidating below 2,7331, the bearish move will go deeper and may even turn into a downtrend.
