Gasoline that’s going for a record $3.29 a gallon at the pump is actually cheap, the way Citigroup Inc. and Friedman Billings Ramsey & Co. look at it.
A barrel of wholesale gasoline fetched 50.4 cents less than crude oil last week, marking only the fifth time in 20 years that the refined version sold at a lower price, New York Mercantile Exchange data show. Investors who sell the raw material to buy gasoline or related products may return about 20 percent by June because the differential is going to go up, estimates from the banks show.
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