Typically February is when fuel prices in North America hit their annual lows, when oil refineries shut down for spring maintenance and the switch-over to "summer" blend gasoline. This causes a drop in gasoline stockpiles, and prices start to rise (and people start driving more as the weather improves):
But it appears 2018 is doing something different, so far:
Quote:
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U.S. gasoline and diesel are both the most expensive they have been at this time of year since 2014 and, in contrast to the normal seasonal pattern, pump prices are already rising. The same is true in Europe.
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Source:
Oil’s rout is over, hail the return of $100 crude
It seems the GLUT is diminishing. Compare July 2016...
Latest:
However, US crude production is also at all-time highs, so where this will go is still anyone's guess.