With US unleaded gas demand at 10-year lows, why the highest prices for this time of year?

Market Pulse: Feb 21, 2012

It was reported last week that unleaded gas prices are the highest they have been for this time of the year. True or False?

March 2012 RBOB (unleaded gas) opened last week at 2.9880 and closed the week at 3.0156.

On the March 2012 daily chart below, you can see just how strong the current trend has become with ADX now at 51. This started back in mid-December. MACD has been riding up just above the signal line with little divergence since mid-January, and Stochastics are currently in deep overbought territory. Look at Open Interest and how it has risen. So who exactly is buying and selling?

Proceed to Page 2 for the latest COT Data...

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