U.S. May Face Tight Gasoline Supplies This Summer
Phil Flynn, a member of Alaron Trading, told CNBC’s “Squawk Box” that the U.S. may face tight gasoline supplies this summer.
“(Production numbers) better change soon,” Flynn said Friday. “Otherwise, we’re going to have big problems in this country. I don’t know how we’re going to get gasoline supplies where they need to be by Memorial Day. We need to be at 210 million barrels in just a few weeks. We’re at 194 million.”
The U.S. Energy Information Administration expects regular gasoline to average $2.81 a gallon at the pump this summer.
Brent crude oil fell below $68 a barrel on Friday after the European Union said tensions had eased over Iran’s nuclear program.
“We’ve heard this story how many times before?” Flynn said.
He said the fundamentals for oil remained “very bullish” and said Friday’s sell-off probably represented profit taking.