If you suddenly see more smiley drivers on the road, it might be because gasoline prices fell sharply Wednesday.
November RBOB gasoline futures — a key gauge of where retail gas prices are headed — fell to its lowest level in nearly two weeks Wednesday. Gas futures fell after the U.S. Energy Information Administration reported domestic gasoline supplies rose over the past week, even though many analysts had forecast a decline, reports CNBC's Sharon Epperson .
So can the market expect lower gas prices to come?
To Rich Ilczyszyn , founder and CEO of iiTrader, the build in inventory could take gas prices lower. In fact, Ilczyszyn currently thinks gas futures could start to sell off. Right now, he plans to short gas futures from September into December.
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Trader Anthony Grisanti , on the other hand, does not suggest shorting gas futures. Instead, he recommends investors buy the dips.
"I don't want to be short gasoline because you saw what happened a couple weeks ago — you had a refinery problem in California and the market rallied, " said Grisanti, founder and president of GRZ Energy, referring to a power outage at a Southern California refinery on Oct. 1, which reduced supply in an already fragile and volatile market and sent the price of gas to an all-time average high in California of $4.6140 a gallon.
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Grisanti said he plans to buy November RBOB gasoline at $2.72, put a stop in at $2.70 and sell at $2.90.