Gasoline Extends Gains

2026-09-08 14:42 By Larissa Caser 1 min. read

US gasoline futures traded above $3.23 a gallon, near an over two-week high as refineries face increasing pressure from energy supply disruptions.

Attacks were reported at several energy facilities in Saudi Arabia by Iran-backed Houthi militants, while a Russian refinery in the Perm region was also targeted by Ukraine.

At the same time, US refineries are operating near full capacity, with some bringing forward seasonal fall maintenance to keep production levels elevated.

Meanwhile, EIA data showed US gasoline inventories fell by 1.173 million barrels in the week ending August 28th, marking continued drawdowns in recent weeks.

As a result, pump prices reached a record Labor Day average of $4.15 a gallon, despite easing demand following the end of the summer driving season, although further relief could come from the seasonal switch to the cheaper winter-blend.

Meanwhile, Iran stated it had made progress with Oman on a temporary safe-passage route through the Strait of Hormuz.



News Stream
Gasoline Extends Gains
US gasoline futures traded above $3.23 a gallon, near an over two-week high as refineries face increasing pressure from energy supply disruptions. Attacks were reported at several energy facilities in Saudi Arabia by Iran-backed Houthi militants, while a Russian refinery in the Perm region was also targeted by Ukraine. At the same time, US refineries are operating near full capacity, with some bringing forward seasonal fall maintenance to keep production levels elevated. Meanwhile, EIA data showed US gasoline inventories fell by 1.173 million barrels in the week ending August 28th, marking continued drawdowns in recent weeks. As a result, pump prices reached a record Labor Day average of $4.15 a gallon, despite easing demand following the end of the summer driving season, although further relief could come from the seasonal switch to the cheaper winter-blend. Meanwhile, Iran stated it had made progress with Oman on a temporary safe-passage route through the Strait of Hormuz.
2026-09-08
US Gasoline Rises to Two-Week High
US gasoline futures traded above $3.22 a gallon, extending gains to a two-week high as tensions remained elevated in the Strait of Hormuz amid strikes on vessels transiting near the waterway. Adding to the pressure, tensions between Russia and Ukraine show no sign of waning, despite the meeting between Ukraine and US envoys, as energy infrastructure continues to be targeted. As global refining capacity remains constrained, US refiners are largely out of capacity to boost further production, reflected in continued drawdowns in recent weeks as EIA data showed US gasoline inventories fell 1.173 million barrels in the week ending August 28th. Still, US Energy Secretary Wright stated that supply-side solutions were preferred to support energy flows, while other officials denied that a potential export ban was under consideration, adding that the end of the summer driving season could weaken gasoline demand, while changes to fuel-blending requirements could help boost production.
2026-09-07
Gasoline Extends Gains
US gasoline futures traded near $3.20 a gallon, holding their recent gains amid tightening fuel supplies. Elevated tensions between the US and Iran continue to provide upward pressure, threatening further disruptions to production and supply. Adding to the pressure, persistent attacks from Ukraine in Russian refineries pushed runs to multi-year lows. Meanwhile, EIA data showed US gasoline inventories fell 1.173 million barrels in the week ending August 28th, reflecting continued drawdowns in recent weeks while US refiners are largely out of capacity to boost further production, with facilities in Midwest operating at over 103% capacity and some delaying maintenance to keep production elevated. On September 4th, the US national average regular gasoline edged higher to $4.15 a gallon, its highest price ever for September, according to AAA. Last week, President Trump met with fuel refiners in an effort to bring down gasoline prices, although no measures were announced.
2026-09-04