Furthermore, analysts are watching for potential supply disruptions that could arise if more refineries close on the U.S. East Coast.

Several East Coast refineries have been idled over that last several months. They are having a hard time making money because they can only process light, sweet -- and expensive -- crude from Europe and Africa.

There's a chance that some of these refineries could close permanently, talking roughly 50% of the East Coast's refining capacity offline.

That could potentially cause a shortfall in gasoline supplies at the wholesale level, at least until transportation logistics to bring gasoline up from the Gulf Coast or elsewhere are ironed out.

"Unplanned refinery outages and a further improvement in the US economy could still create further upside risks to gasoline in May and June," Merrill Lynch analysts wrote in a recent research note.