Gasoline Rebounds from 6-Week Low

2026-06-03 17:04 By Andre Joaquim 1 min. read

US gasoline futures for delivery in the New York Harbor were above $3.15 per gallon, rebounding from the six-week low of $3 touched on May 29th as the prolonged conflict in the Middle East extended the supply halt of oil and refined product from the region.

Iran launched strikes against Bahrain and Kuwait after stating it would cut communication with mediatiors aiming for an agreement with the US, while the US hit Iranian targets.

The developments prolonged the naval blockade by both countries that prevents the flows of tankers through the Strait of Hormuz, which sees one fifth of global consumption.

In turn, US gasoline inventory rebounded by over 3 million barrels in the last week of May following 15 consecutive weeks of decline.

Still, an 8 million barrel draw in private crude oil inventories, in addition to an 8 million barrel draw in the SPR, limited the respite in refined product supply.



News Stream
Gasoline Rebounds from 6-Week Low
US gasoline futures for delivery in the New York Harbor were above $3.15 per gallon, rebounding from the six-week low of $3 touched on May 29th as the prolonged conflict in the Middle East extended the supply halt of oil and refined product from the region. Iran launched strikes against Bahrain and Kuwait after stating it would cut communication with mediatiors aiming for an agreement with the US, while the US hit Iranian targets. The developments prolonged the naval blockade by both countries that prevents the flows of tankers through the Strait of Hormuz, which sees one fifth of global consumption. In turn, US gasoline inventory rebounded by over 3 million barrels in the last week of May following 15 consecutive weeks of decline. Still, an 8 million barrel draw in private crude oil inventories, in addition to an 8 million barrel draw in the SPR, limited the respite in refined product supply.
2026-06-03
Gasoline Extends Gains for Third Session
Gasoline futures in the US rose toward $3.20 per gallon, extending gains for a third straight session, as renewed clashes in the Middle East undermined expectations for progress in US–Iran negotiations. Both sides reportedly exchanged fresh strikes, despite President Donald Trump stating that talks with Iran were still ongoing toward a possible peace deal, contradicting Iranian media reports that communications had broken down. The mix of conflicting signals and continued hostilities has kept markets uneasy, fueling heightened volatility across energy commodities. Supporting prices further, US gasoline inventories fell for a 15th consecutive week in May, as refineries ran at elevated utilization levels, processing crude from strategic reserves, with some output capacity redirected toward diesel and jet fuel production to ease supply pressures.
2026-06-03
Gasoline Futures Rebound from 6-Week Low
Gasoline futures in the US held above $3.10 per gallon, after rebounding from a six-week low of $3.03 reached on May 29, following reports that Iran would suspend exchanges of messages with the US in response to Israel’s escalating operations in Lebanon. Earlier, Foreign Ministry spokesperson Esmail Baghaei said Iran remained engaged with the US but continued to do so with “distrust.” The development clouded prospects for an interim peace agreement, even as President Donald Trump said discussions with Tehran would “work out well” despite renewed clashes near the Strait of Hormuz. Supporting prices further, US gasoline inventories fell for a 15th consecutive week in May as refineries operated at high rates using crude from strategic reserves, while some capacity shifted toward producing diesel and jet fuel to address supply concerns.
2026-06-01