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Rising Gasoline Prices Boost Inflation Concerns

Gasoline

1. Gasoline Becomes an Inflation Scare Again

- Gasoline prices have been experiencing an unexpected surge lately, with New York futures soaring to a nine-month high of $2.9 per gallon, whilst prices in Asia gained 15% in July alone and are currently at $2.53 per US gallon.

- Asia’s gasoline tightness stems mostly from Chinese consumers ramping up demand amidst peak summer driving season, with commercial gasoline inventories in the country falling to the lowest since at least 2019.

- A string of force majeure events at Exxon’s Baton Rouge refinery in the US, Shell’s Pernis refinery in the Netherlands and ENEOS’s Mizushima plant in Japan have cut gasoline supply across all three key continents.

- The average price of gasoline in the US currently stands at $3.71 per gallon, with further growth potentially becoming a key liability for the Biden administration as it seeks to curb inflation, currently at 3%.

2. Rhine Levels Send Inland Shipping Costs Soaring

- The river Rhine, the commercial artery for 80% of Germany’s inland shipping of goods, is experiencing severely low water levels, with the key chokepoint of Kaub recording its lowest readings this year.

- Last year has seen very similar water levels at this time of the year, leading to the lowest volume of goods transported via Germany’s waterways since reunification, a total of 182 million metric tonnes, down 6.4% from 2021.

-…





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