Gasoline Hits 18-week High

Gasoline increased to 3.64 USD/Gal, the highest since May 2026. Over the past 4 weeks, Gasoline gained 11.79%, and in the last 12 months, it increased 81.62%.

US gasoline futures held near $3.60 a gallon, remaining at its highest levels since May 19th, amid prospects of tightening fuel markets while optimism of US-Iran diplomatic talks weakened. Meanwhile, Energy Secretary Wright has warned the oil industry to brace for possible curbs on US diesel exports, a debate also backed by the US President despite broader growing opposition. Amid an already tight fuel market, a ban on diesel shipments would prompt US refiners to cut crude runs about 12%, according to S&P Global Energy CERA, reducing fuel availability. As winter approaches and heating demand rises, refiners are shifting output toward higher-priced diesel, tightening gasoline markets. US gasoline inventories unexpectedly declined by 1.7 million barrels in the week ending September 18th, according to EIA. Additionally, persistent Ukrainian attacks on Russian refining infrastructure also contributed to elevated prices, with Russia set to extend its diesel export ban beyond September.

US gasoline futures held above $3.50 a gallon, their highest level since May 20th, as uncertainty surrounding the Strait of Hormuz remained elevated. The Iranian President Pezeshkian stated his opposition to restrictions on Iran’s civilian nuclear program and US military presence in the Middle East. Meanwhile, as winter approaches and heating demand rises, refiners are shifting output toward higher-priced diesel, tightening gasoline markets, while EIA data showed US gasoline inventories unexpectedly declined by 1.7 million barrels in the week ending September 18th. Persistent Ukrainian attacks on Russian refining infrastructure have also contributed to elevated prices, with Russia set to extend its diesel export ban beyond September. However, fears over prolonged disruptions to the East-West pipeline eased following reports that Saudi Arabia had begun testing the pipeline, while the Iranian president stated that he remained open to diplomatic talks with the US.