The national average gasoline price in the U.S. has declined by 6% over the past month, a fact which has sent Wall Street’s exclusive gasoline-based exchange traded fund lower as well. The United States Gasoline ETF, LP (NYSEARCA:UGA) has fallen by more than 10% over the course of November.
On average, gas prices across the nation declined by $0.23 cents month-to-date, from $3.75 per gallon at the start of the month to $3.52 per gallon now. Gasoline prices are now down $1.50 per gallon since they peaked over the summer. They have now returned to levels seen prior to Russia’s invasion of Ukraine.
The United States Gasoline ETF, LP (UGA) has come down 10.3% in November. Bigger picture, UGA is also lower by 30.9% since its year-to-date peak back in early June. However, the fund still remains up on the full trading year by 35.1%.
UGA, with its $93.52M assets under management and 0.90% expense ratio, aims to offer the investment community access in percentage terms to the price swings of gasoline and does so by investing in reformulated gasoline blendstock for oxygen blending futures contracts and other gasoline-related futures contracts.
On Tuesday, U.S. gasoline futures (XB1:COM) currently sit at $2.328/gal.
In other energy related news, crude oil turned briefly negative following a report that OPEC+ likely will maintain its current oil production policy at the group’s meeting next week.
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