Gasoline Holds Near 3-Month Low

2026-06-17 14:56 By Andre Joaquim 1 min. read

Gasoline futures for delivery in the NY Harbor held below $2.90 per gallon in June, trading at three month lows and erasing most of the surge from the Iran war amid expectations of higher oil supply from the Middle East.

The US and Iran maintained their intent of signing an agreement on June 19th to restore oil and refined fuel exports from GCC countries, which have been nearly halted since March.

The fresh supply is due to replenish refineries across the globe with the higher export quotas from OPEC+ and higher output from the UAE, which left the cartel during the conflict.

Gasoline stocks in the US fell by 1 million barrels on the week ending June 12th, and the US SPR fell to a 43-year low.

The deal is also due to lift US sanctions on Iran, increasing the supply from the major producer.

Iranian output will likely refill Chinese oil stockpiles, which were depleted in the last months as the world's largest importer refrained from purchasing oil to prop up prices further.



News Stream
Gasoline Holds Near 3-Month Low
Gasoline futures for delivery in the NY Harbor held below $2.90 per gallon in June, trading at three month lows and erasing most of the surge from the Iran war amid expectations of higher oil supply from the Middle East. The US and Iran maintained their intent of signing an agreement on June 19th to restore oil and refined fuel exports from GCC countries, which have been nearly halted since March. The fresh supply is due to replenish refineries across the globe with the higher export quotas from OPEC+ and higher output from the UAE, which left the cartel during the conflict. Gasoline stocks in the US fell by 1 million barrels on the week ending June 12th, and the US SPR fell to a 43-year low. The deal is also due to lift US sanctions on Iran, increasing the supply from the major producer. Iranian output will likely refill Chinese oil stockpiles, which were depleted in the last months as the world's largest importer refrained from purchasing oil to prop up prices further.
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