Build-up in gas inventory may lead to decreased prices over next two weeks
Posted: 01/10/2013 at 10:47 am
With an increase of 16.1 million barrels during December, gasoline inventory now exceeds the highest level reached during 2012 and is at the highest point recorded since February 2011.
This could lead to many markets remaining flat or even declining slightly over the next two weeks, according to GasBuddy.com. Petroleum analysts believe it could be the calm before the storm of the yearly spring gas price spike. Prices tend to rise around April as refineries switch to producing summer gasoline, but then prices even off towards the end of May.
Analysts at GasBuddy.com are forecasting that the U.S. national average price of gas in 2013 will range from $3.21 to $3.43, with a median price at $3.29 per gallon.