On top of $90 oil prices, the futures market also points to further pain at the pump for American consumers. Gasoline futures at NYMEX are trading at their highest premium to crude oil for this time of the year in nine years, according to Bloomberg’s estimates . On Thursday, the gasoline futures contract was around $18.50 per barrel above crude as U.S. refiners have started the maintenance season. The highest premium of gasoline futures over crude since 2013 signals that motor gasoline supply could be tighter than expected this summer when U.S. gasoline demand is expected to return to pre-COVID levels. Gasoline demand in the summer of 2022 will likely be close to the 2019 level, which “was close to peak gasoline demand,” John Auers, executive vice president at Turner Mason, told Bloomberg. In the U.S., total motor gasoline inventories increased by 1.3 million barrels in the week to […]