Gasoline Extends Gains

2026-09-01 17:09 By Larissa Caser 1 min. read

US gasoline futures rose above $3.14 per gallon, as traders assessed refining capacity and its implications for fuel-pump prices.

Goldman Sachs has warned of tightness in global refining, with the crack spread near multi-year highs, as Russian refining declined to near multi-year lows and fresh strikes from the U.S.

on Iranian targets around the Strait of Hormuz kept transit in the waterway cautious.

Strong demand is also supporting prices, with heavy driving expected over Labor Day weekend.

Meanwhile, EIA data showed gasoline inventories for the same week fell 2.536 million barrels in the week ending August 21st, while the average US regular gasoline price edged down to $4.07 per gallon at the end of August, despite continued tightness in refined supply.

President Donald Trump and Energy Secretary Wright are set to meet US oil refiners on Tuesday to discuss near-term measures regarding refining capacity, which is already operating near full capacity, in an effort to bring down prices.



News Stream
Gasoline Extends Gains
US gasoline futures rose above $3.14 per gallon, as traders assessed refining capacity and its implications for fuel-pump prices. Goldman Sachs has warned of tightness in global refining, with the crack spread near multi-year highs, as Russian refining declined to near multi-year lows and fresh strikes from the U.S. on Iranian targets around the Strait of Hormuz kept transit in the waterway cautious. Strong demand is also supporting prices, with heavy driving expected over Labor Day weekend. Meanwhile, EIA data showed gasoline inventories for the same week fell 2.536 million barrels in the week ending August 21st, while the average US regular gasoline price edged down to $4.07 per gallon at the end of August, despite continued tightness in refined supply. President Donald Trump and Energy Secretary Wright are set to meet US oil refiners on Tuesday to discuss near-term measures regarding refining capacity, which is already operating near full capacity, in an effort to bring down prices.
2026-09-01
Gasoline Rises Amid Supply Concerns
US gasoline futures fluctuated around $3.10 per gallon, as traders weighed fresh US-Iran hostilities against expectations of easing pump prices. Goldman Sachs has warned of tightness in global refining, with prices of refined products far outpacing gains in crude. Meanwhile, gasoline inventories fell 2.536 million barrels in the week ending August 21st. Strong demand is also supporting prices, with heavy driving expected over Labor Day weekend and August on track to be the most expensive on record near $4 a gallon, according to AAA. Geopolitical tensions have also taken nearly 10% of global refinery capacity offline, with Russian refining near multi-year lows, while fresh strikes between the U.S. and Iran around the Strait of Hormuz kept operators cautious about transiting the waterway. Meanwhile, President Donald Trump is expected to meet US oil refiners on Tuesday to discuss near-term measures regarding refining capacity, which is already operating near full capacity.
2026-08-31
Gasoline Rises on Tight Supply
US gasoline futures rose toward $3.10 per gallon, as tight gasoline supplies keep prices elevated. EIA data showed US gasoline inventories fell by 2.536 million barrels in the week ending August 21st, leaving inventories consistently below the five-year average in recent weeks. US refineries are already operating near maximum capacity, leaving limited room to rebuild inventories. Demand is providing additional support, with heavy driving expected over the Labor Day weekend. Elsewhere, geopolitical tensions have disrupted nearly 10% of global refinery capacity, with the Russia-Ukraine conflict adding to supply pressures. Attacks on Russian refineries have pushed refinery runs toward multi-year lows, while Russian gasoline production has fallen nearly 20% from a year earlier. However, oil flows through the Strait of Hormuz improved, as the proposed Iran-Oman corridor reduced perceived risks of tighter crude supplies.
2026-08-28