New York, Feb 27, 2026, 13:29 EST — Regular session.
- Gasoline-linked UGA traded higher as U.S. wholesale gasoline futures rose
- A seasonal shift toward costlier summer-blend fuel is starting to show up in prices
- Traders are bracing for the next U.S. inventory report for signs the market is tightening
The United States Gasoline Fund (UGA) rose 0.75% to $72.36 in midday trade, tracking a jump in NYMEX RBOB gasoline futures — the U.S. benchmark for wholesale gasoline — which were up 1.32% at $2.2834 a gallon. 1
The timing matters. U.S. pump prices are edging into their typical spring climb as refiners begin making summer-blend gasoline, a costlier mix that uses additives to cut evaporation in warmer weather, AAA said. Demand also tends to perk up into March as spring break travel ramps. 2
At the pump, the U.S. national average for regular gasoline was $2.982 a gallon on Friday, little changed from the prior day but higher than a week ago, AAA pricing data showed. 3
UGA is designed to track daily price moves in gasoline and trades on NYSE Arca, giving equity investors a direct line into swings in fuel markets. 4
Supply signals have stayed messy. The Energy Information Administration reported U.S. gasoline inventories fell by 1 million barrels to 254.8 million barrels in the week ended Feb. 20, versus expectations for a 560,000-barrel draw in a Reuters poll, while refinery utilization slipped to 88.6%. The same report showed crude inventories rose by 16 million barrels. 5
That mix can support gasoline prices even when crude piles up. When refineries run less or shift output, the gasoline “crack spread” — the margin between crude oil and refined fuel — can widen, and wholesalers scramble for barrels.
Crude has also been doing some of the heavy lifting. Oil hovered near seven-month highs this week as traders weighed Middle East supply risks, and “geopolitical tensions” have mattered more than the bearish crude build, said Giovanni Staunovo, a commodity analyst at UBS, in a note. 6
Refiner shares, which can benefit when fuel prices rise faster than crude, had outperformed in the prior session. Marathon Petroleum rose 2.71% on Thursday and Valero gained 2.08%, while Exxon and Chevron ended slightly lower, MarketWatch data showed. 7
But this is not a one-way bet. If refinery runs rebound quickly or demand fails to pick up as winter fades, gasoline futures can give back gains, and UGA tends to follow. A further easing in geopolitical tensions could also drain the risk premium from oil and pull refined products down with it.
The next clear marker is the EIA’s weekly petroleum status report due on March 4, when traders will look for fresh reads on gasoline stocks and refinery activity as the summer-blend switchover spreads. 8
