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Prices at the Pump Almost Certainly Increased Last Week: Feb. 2, 2026

Prices at the Pump Almost Certainly Increased Last Week: Feb. 2, 2026

Posted February 2, 2026 at 12:59 pm

Jose Torres
IBKR Macroeconomics

Sharp increases in gasoline and crude oil futures last week driven by heightening geopolitical tensions between Washington and Tehran almost certainly raised the correlated prices at the pump north of the $2.853 level previously reported on Tuesday, Jan. 27. Against this backdrop, the “Yes” contracts at $2.60, $2.70 and $2.80 appear undervalued to me at $0.95, $0.88 and $0.86, as they should all be closer to $0.97 in my opinion. An updated publication is scheduled for tomorrow.

Source for images: ForecastEx

Note: Prices are highest bids as of the morning of Feb. 2, 2026. Red circle around the thresholds was inserted by J. Torres to highlight “Yes” answers throughout different levels.

To learn more about ForecastEx, view our Traders’ Academy video here

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