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(Bloomberg) — Perhaps the longest period of daily declines in U.S. pump prices since 2015 is coming to an end.
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Regular gasoline fell less than a penny in several days, according to the AAA Auto Club, well below the daily losses of 3 cents or more in July, which were the biggest in more than a decade. Meanwhile, more states are seeing overnight price increases, with 15 reporting a jump in the latest period. This is more than three times more than at the end of last week.
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The loss of momentum came as Nymex gasoline futures traded higher in New York, climbing to a fourth session high on Tuesday. Increases in futures prices often lead to higher costs at the pump. Low inventories across the country are also putting pressure on fuel prices, even though they have recovered slightly in recent weeks amid weak demand, Energy Information Administration data show.
The jump in prices is most felt in California, the nation’s most expensive state for gasoline, where the average price now stands at $5.426 a gallon, putting an even greater strain on consumers who have had to deal with scorching heat, power problems and other inflationary pressures.
