West Texas Intermediate crude for June delivery CL00,+3.82%CLM22,+2.82%. Brent crude BRN00,-0.30%, the global benchmark, rose 3.8%. June gasoline RBM22 rose 16.61 cents, or 4.4%, to close at $3.9578 a gallon.

The price of gasoline is an all time record at the pump, and the commodity is trading an all-time record. “Gasoline is moving in the wrong direction for the consumer,” says Robert Yawger, executive director of energy futures at Mizuho Securities. There has not been an increase in gasoline storage since March.

Gasoline inventories dropped 3.6 million barrels versus a forecast for a 1.9 million barrel drop. Distillate stocks were down 900,000 barrels, compared with expectations for 1.6million. implied demand for gasoline has declined, it’s set to turnaround as summer arrives.

Oil futures see-sawed this week. The gasoline crack spread hit a contract high above $55 a barrel during the session. The ongoing war in Ukraine and the prospect of the European Union imposing a full ban on imports of Russian oil likely to cause a drop in availability.
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