Gasoline Futures Drift Lower

2026-04-22 01:43 By Kyrie Dichosa 1 min. read

US gasoline futures slipped below $3.20 per barrel after a two-day gain, as markets continued to assess Middle East developments alongside inventory data.

API data showed gasoline stocks fell 5.2 million barrels last week, however, EIA data indicated levels remained 1% above the five-year average.

Meanwhile, US–Iran peace talks stalled as President Trump maintained the Strait of Hormuz blockade despite a truce extension.

This followed reports that Vice President JD Vance’s planned trip to Pakistan for Iranian talks was postponed, while Tehran, via a Pakistani intermediary, informed US counterparts it would not attend further talks.

Since late February, Persian Gulf crude flows have been curtailed by about 13 million bpd, according to the IEA.

Separately, Energy Secretary Chris Wright said the US gasoline price spike appears to have peaked, with prices up 35% over seven weeks.

Elsewhere, Russia has resumed Urals exports from key western ports after weeks of drone disruptions.



News Stream
Gasoline Futures Drift Lower
US gasoline futures slipped below $3.20 per barrel after a two-day gain, as markets continued to assess Middle East developments alongside inventory data. API data showed gasoline stocks fell 5.2 million barrels last week, however, EIA data indicated levels remained 1% above the five-year average. Meanwhile, US–Iran peace talks stalled as President Trump maintained the Strait of Hormuz blockade despite a truce extension. This followed reports that Vice President JD Vance’s planned trip to Pakistan for Iranian talks was postponed, while Tehran, via a Pakistani intermediary, informed US counterparts it would not attend further talks. Since late February, Persian Gulf crude flows have been curtailed by about 13 million bpd, according to the IEA. Separately, Energy Secretary Chris Wright said the US gasoline price spike appears to have peaked, with prices up 35% over seven weeks. Elsewhere, Russia has resumed Urals exports from key western ports after weeks of drone disruptions.
2026-04-22
Gasoline Prices Edge Up
US gasoline futures rose toward $3.20 per barrel, tracking a broader rebound in energy markets amid a standoff in US–Iran negotiations. It remains unclear whether Iran will join the US for a second round of talks ahead of Wednesday’s ceasefire deadline, while the Strait of Hormuz continues to be largely shut. Since the conflict with Iran began at the end of February, crude and refined product supplies from the Persian Gulf have been reduced by roughly 13 million barrels per day, according to the International Energy Agency. Meanwhile, US Energy Secretary Chris Wright said gasoline prices have likely already peaked after months of volatility linked to the conflict, though he cautioned they could remain above $3 per gallon well into 2026.
2026-04-21
Gasoline Futures Slip
US gasoline futures slipped below $3.10 per barrel on Tuesday, halting gains from the prior session, as markets assessed signals that Iran could participate in US talks before the ceasefire expires. Tehran is said to be dispatching a delegation to Islamabad despite previous reluctance to re-engage in negotiations, though the head of the delegation has not been confirmed. However, tensions remained elevated after President Trump earlier said extending the truce was highly unlikely and warned of overwhelming military force. Iran’s chief negotiator also accused the US of applying pressure to talks, rejecting dialogue under threats and cautioning of escalation. Continued conflict across the Middle East has driven significant volatility in energy markets since March, especially with the Strait of Hormuz still closed. The ongoing standoff at this critical chokepoint raises the risk of a deeper global energy crisis.
2026-04-21