I asked how high gasoline futures prices could rise in a May 21, 2026, Barchart article, concluding with the following:
As the summer progresses, the gasoline futures market will shift its focus to the off-season for demand. However, continued hostilities and any escalation between the U.S. and Iran could cause gasoline prices to soar from current levels. The all-time high in NYMEX gasoline futures was in Q2 2022 at $4.3260, which is the ultimate upside technical resistance level. Meanwhile, UGA is already trading in record territory, having only reached $80.29 per share in Q2 2022.
UGA has already reached a record high, but NYMEX gasoline futures are still below the 2022 peak. A move above that level is certainly not out of the question. The path of least resistance of the oil product futures depends on the Middle East, which is highly uncertain in May 2026.
