New York, February 24, 2026, 13:38 EST — Regular session
- U.S. wholesale gasoline futures slipped back in midday action with the front-month now tracking April.
- Gasoline prices pushed higher again, as seasonal refinery maintenance and renewed Middle East tensions came to the fore.
- Coming up: U.S. inventory data, plus Thursday’s U.S.-Iran negotiations.
U.S. RBOB gasoline futures slipped 0.22% to $2.2419 a gallon on Tuesday, dropping 0.0050. The front-month has shifted to the April 2026 contract, rolling over as of Feb. 22, according to data.
It’s a modest shift at first glance. Still, wholesale gasoline flows into what drivers pay at the pump after a delay, and a steady move, even over a handful of weeks, tends to crop up fast in inflation talk.
Refiners are heading into the stretch where they gear up for spring maintenance and begin shifting over to summer-grade gasoline. Production costs usually climb for the warmer-weather blend, so even minor snags in output can squeeze supply in certain areas.
Patrick De Haan, who leads petroleum analysis at GasBuddy, called the latest uptick in retail gas prices possibly “just the beginning,” pointing to a move toward “mid-$3 a gallon territory by the time we get to April or into Memorial Day” in the Washington, D.C., area. WTOP News
AAA’s daily survey showed the U.S. average for regular gas ticking up to $2.951 a gallon on Tuesday, compared with $2.938 the previous day and $2.862 a month back. Still, prices remain below the $3.144 seen a year earlier.
U.S. regular retail gasoline prices edged higher in February, averaging $2.908 a gallon, according to the U.S. Energy Information Administration. That’s a climb from January’s $2.809.
Futures traders track the gasoline “crack spread”—that’s the difference between gasoline and crude—since it acts as a rough stand-in for refinery margins. A wider spread tends to push refineries to ramp up production.
The path, though, isn’t linear. Prices might stall—demand could fail to pick up with the warmer weather, or lighter-than-expected maintenance could leave gasoline stocks piling up.
Here’s the risk: crude prices slip on signs of easing tensions or softer demand, and gasoline tends to drop too—though station prices often lag behind. But if crude or refineries run into trouble, gas prices can leap almost instantly. The upside comes on fast, the downside drags.
Traders are eyeing the U.S. inventory data, with figures from the American Petroleum Institute expected later Tuesday and the Energy Information Administration’s report coming Wednesday. Thursday also brings U.S.-Iran nuclear negotiations in Geneva. As of early Tuesday, both Brent and U.S. crude held steady, hovering close to seven-month peaks.
