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Have Fuel Prices Bottomed?

That’s the word from Wright Express (via Automotive Fleet).

In a new report from Wright Express (WEX), the company said fuel prices are as low as they’re going to get and are likely to rise in the coming weeks. The company said experts believe that despite current economic woes and reduced demand, fuel prices will remain strong for the rest of the year.

Retail gasoline prices dropped more than 25 cents during the month of September, but WEX said some experts believe prices have hit bottom. Last week, wholesale gasoline prices were at $2.50-$2.70 per gallon, but the week ended with some markets back above $3.00 per gallon.

We have been watching the wholesale market closely, and we can see the apparent firming of prices. Check out the CME chart of wholesale gasoline futures.

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