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Will We See Record Gasoline Prices This Year?

Thursday, 31 Jan 2013 | 11:32 AM ET
MIcrozoa | The Image Bank | Getty Images

Commodity traders seemed to be talking about one thing on Thursday - gasoline prices. If the economy is truly improving conventional wisdom would suggest that energy prices as well as prices at the pump should continue higher.

However, on Thursday the price action in the futures contracts called the bullish outlook into question.

By mid-session it appeared that gasoline prices would end their 10-session rally, as traders took profits before the expiration of the February contract.

Seasonal refinery maintenance has tightened supply and driven gasoline prices up sharply in the past two weeks, with gasoline futures settling at an all-time high for January of $3.0315 a gallon Wednesday.

"We were due for a pullback in gasoline," said Jim Ritterbusch of Ritterbusch & Associates. "We had a huge price spike, and now we're seeing a little correction."

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