Jeff Currie, senior commodities strategist, says there is a very high probability U.S. retail gasoline averages reach $5/gal before the Nov. 3 midterm elections as product shortages have begun to spread upstream into crude. He warns refiners’ switching between diesel and gasoline output is draining operational flexibility and that strategic petroleum reserve releases that helped cover gaps show no sign of being replenished. Currie cautions U.S. diesel could rise to $7–9/gal and that the market i

Jeff Currie, senior commodities strategist, says there is a very high probability U.S. retail gasoline averages reach $5/gal before the Nov. 3 midterm elections as product shortages have begun to spread upstream into crude. He warns refiners’ switching between diesel and gasoline output is draining operational flexibility and that strategic petroleum reserve releases that helped cover gaps show no sign of being replenished. Currie cautions U.S. diesel could rise to $7–9/gal and that the market is entering a dangerous, more structural phase as shortages synchronize across the energy complex.