Gasoline Rises to 4-Year High

2026-04-29 14:50 By Andre Joaquim 1 min. read

Gasoline futures for delivery in New York Harbor climbed above $3.70 per gallon in late April, the highest since June 2022, as ongoing Middle East supply disruptions continued to tighten feedstock supply for refiners.

The US and Iran showed no signs of caving to each others' agreement terms, extending the naval blockades both sides that prevent the transit of oil and product tankers through the Strait of Hormuz.

Normal shipping activity through the chokepoint has been halted since the start of March, disrupting 20 million barrels per day of oil and refined products for major importers.

On top of that, the jet fuel and diesel shortages in Europe and Asia drove major energy producers to prioritize their refining capacity in the distillates instead of motor gasoline, exacerbating the supply risks.

Consequently, stocks of gasoline in the US fell by 6.1 million barrels o the week ending April 24th, above expectations of a 2.1 million barrel draw to mark the 11th straight decline.



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Gasoline Rises to 4-Year High
Gasoline futures for delivery in New York Harbor climbed above $3.70 per gallon in late April, the highest since June 2022, as ongoing Middle East supply disruptions continued to tighten feedstock supply for refiners. The US and Iran showed no signs of caving to each others' agreement terms, extending the naval blockades both sides that prevent the transit of oil and product tankers through the Strait of Hormuz. Normal shipping activity through the chokepoint has been halted since the start of March, disrupting 20 million barrels per day of oil and refined products for major importers. On top of that, the jet fuel and diesel shortages in Europe and Asia drove major energy producers to prioritize their refining capacity in the distillates instead of motor gasoline, exacerbating the supply risks. Consequently, stocks of gasoline in the US fell by 6.1 million barrels o the week ending April 24th, above expectations of a 2.1 million barrel draw to mark the 11th straight decline.
2026-04-29
Gasoline Rises to Nearly 4-Year High
Gasoline futures for delivery in New York Harbor climbed above $3.60 per gallon in late April, the highest since July 2022, as ongoing Middle East supply disruptions continued to tighten feedstock supply for refiners. Reports showed that President Trump has ordered preparations for a prolonged blockade of Iran, adding to concerns over deeper supply disruptions in the Strait of Hormuz. While a ceasefire has been in place since early April, it has remained fragile amid recurring tensions, with traders monitoring any signs of negotiation developments. Shipping activity through the Strait has effectively stalled, with vessel movements falling to near zero and severely disrupting a key artery that typically handles around 20 million barrels per day of oil and refined products. Against this backdrop, API figures showed gasoline inventories fell by 8.47 million barrels last week. For the month, gasoline is heading for its fifth consecutive monthly advance.
2026-04-29
Gasoline Hits Almost 4-Year High
Gasoline futures for delivery in New York Harbor climbed to around $3.50 per gallon in late April, the highest level since July 2022, as ongoing Middle East supply disruptions reduced crude availability for refiners. While a ceasefire has been held since early April, it continues to face strain from ongoing tensions, with traders monitoring prospects for peace talks as the US reviews a proposal from Tehran. Markets remain focused on the Strait of Hormuz, which has become largely impassable, with shipping activity nearly halted along a corridor that usually handles around 20 million barrels per day of oil and refined products. Meanwhile, the US blockade of Iranian crude has also extended supply pressures to Chinese teapot refiners, which had largely avoided disruption until mid-April due to their heavy reliance on Iranian feed. For the month, gasoline is heading for its fifth consecutive monthly advance.
2026-04-27