Gasoline Extends Decline

2026-09-22 10:20 By Larissa Caser 1 min. read

US gasoline futures fell to around $3.40 a gallon, extending losses for a second consecutive session, after reports that Iran proposed reopening Strait of Hormuz shipping within seven days, contingent on the US lifting its blockade.

The statement bolstered hopes for a conflict resolution as President Trump is set to address the UN General Assembly on Tuesday, where Iranian President Pezeshkian will also attend.

Fears over prolonged disruptions to Saudi Arabia's East-West pipeline also abated following reports the critical line is under testing and could partially restart this week.

Meanwhile, the crack spread hit record highs as refining margins widened amid rising refined fuel prices.

As winter approaches and heating demand rises, refiners are shifting output toward higher-priced diesel, tightening gasoline markets.

Persistent Ukrainian attacks on Russian refining infrastructure have further supported elevated prices, with Russia set to extend its diesel export ban beyond September.



News Stream
Gasoline Extends Decline
US gasoline futures fell to around $3.40 a gallon, extending losses for a second consecutive session, after reports that Iran proposed reopening Strait of Hormuz shipping within seven days, contingent on the US lifting its blockade. The statement bolstered hopes for a conflict resolution as President Trump is set to address the UN General Assembly on Tuesday, where Iranian President Pezeshkian will also attend. Fears over prolonged disruptions to Saudi Arabia's East-West pipeline also abated following reports the critical line is under testing and could partially restart this week. Meanwhile, the crack spread hit record highs as refining margins widened amid rising refined fuel prices. As winter approaches and heating demand rises, refiners are shifting output toward higher-priced diesel, tightening gasoline markets. Persistent Ukrainian attacks on Russian refining infrastructure have further supported elevated prices, with Russia set to extend its diesel export ban beyond September.
2026-09-22
Gasoline Futures Decline
US gasoline futures fell to around $3.45 a gallon after touching $3.53, its highest level since May 20th, as improving flows through the Strait of Hormuz and renewed diplomatic prospects eased immediate supply concerns. Fears over prolonged disruptions to Saudi Arabia's East-West pipeline also abated following reports the critical line could partially restart within days. However, as winter approaches and heating demand rises, refiners are shifting output toward higher-priced diesel, tightening gasoline markets. Persistent Ukrainian attacks on Russian refining infrastructure have further heightened supply worries, with Russia set to extend its diesel export ban beyond September. Amid these geopolitical tensions, the US national average for regular gasoline climbed to $4.48 a gallon on September 21st, bringing it closer to this year’s record high of $4.56 reached on May 21st.
2026-09-21
Gasoline Prices Ease
US gasoline futures fell to around $3.45 per gallon, slightly easing from an eight-week high, as expectations that Saudi Arabia could restore some disrupted exports soothed immediate supply concerns. The kingdom was reportedly seeking to restore about half the capacity of its East-West oil pipeline within days after drone attacks halted the key link to the Red Sea, while offering additional crude cargoes to Asian refiners via ship-to-ship transfers off Oman’s Sohar port. Nevertheless, risks remained as Saudi Arabia and Iran-backed Houthi forces exchanged fresh strikes. Meanwhile, EIA data showed US gasoline inventories unexpectedly rose for a second consecutive week, increasing by 794,000 barrels in the week ended September 11, while refinery utilization remained elevated at 96.8%, despite easing from 97.8% a week earlier. However, approaching seasonal refinery maintenance could constrain production and remains a threat to refined-product supplies.
2026-09-18