Gasoline Futures Hold Rebound

US gasoline futures held above $3.25 per gallon after rebounding from a four-week low, supported by tighter US fuel inventories and uncertainty over global energy supplies. EIA data showed US gasoline inventories fell by 1.7 million barrels in the week ended September 25, while refinery utilization declined to 92.5%. Global fuel markets remained affected by Russia’s extension of restrictions on most diesel exports through October, keeping global distillate markets tight. Meanwhile, lower risk of a US diesel export ban eased some concerns over higher gasoline prices, as President Trump signaled less support for the measure. Energy Secretary Chris Wright said the administration expected announcements soon from Europe on additional diesel supplies, while the White House urged the EU to draw down emergency diesel inventories. Gasoline prices remained below their peaks following the US summer driving season.

US gasoline futures rose above $3.20 a gallon after hitting a three-week low, as shipping disruptions persisted following reports that a tanker was struck near the Strait of Hormuz. Global fuel markets also faced tighter supply prospects after Russia extended its diesel export ban, as a wave of Ukrainian strikes against its refineries dragged oil-processing rates to multiyear lows, while the US considers its own curbs on exports, despite broader opposition from the oil industry. Adding to upward pressure on gasoline prices, EIA data showed US gasoline inventories fell by 1.7 million barrels in the week ended September 25th, above market expectations, while refinery utilization declined to 92.5%. However, crude exports from the Persian Gulf continued to recover. Gasoline prices have eased from recent peaks following the end of the US summer driving season, as refiners transition from more expensive summer-grade fuel.

US gasoline futures fell to around $3.10 per gallon, remaining near a four-week low, amid seasonal weakness in fuel demand and easing crude oil prices. Gasoline consumption usually declines after the US summer driving season, while refiners switch from higher-cost summer-grade fuel. Meanwhile, crude oil prices have eased from their recent four-month high, as improving crude flows from the Middle East and the US government’s plans to tap the Strategic Petroleum Reserve helped reduce immediate supply concerns. Markets also continued to assess potential changes to US fuel policy, with President Donald Trump still considering a diesel export ban despite administration officials pursuing alternative measures. Energy Secretary Chris Wright has favored voluntary export curbs instead, while the administration is considering broader sales of tax exempt, red-dyed diesel.