Gasoline Retreats Further

2026-10-02 14:42 By Larissa Caser 1 min. read

US gasoline futures fell below $3.30 a gallon, retreating further from its highest level in a week, following reports that Group of Seven nations will release emergency oil and diesel reserves.

President Macron stated that G7 nations agreed to release 100 million barrels of emergency reserves over the next four months to contain elevated energy prices.

President Trump had threatened a diesel export ban otherwise, despite acknowledging its impact on gasoline prices, which have eased from recent peaks following the end of the summer driving season.

Nevertheless, global fuel markets remain tight as EIA data showed that US gasoline inventories fell by 1.7 million barrels in the week ended September 25th, while refinery utilization falling to 92.5%.

Russia extended restrictions on most diesel exports through October, although it is considering a partial lift in case of overproduction as the domestic fuel market is reportedly balanced.

China also extended its ban on some oil-product exports.



News Stream
Gasoline Retreats Further
US gasoline futures fell below $3.30 a gallon, retreating further from its highest level in a week, following reports that Group of Seven nations will release emergency oil and diesel reserves. President Macron stated that G7 nations agreed to release 100 million barrels of emergency reserves over the next four months to contain elevated energy prices. President Trump had threatened a diesel export ban otherwise, despite acknowledging its impact on gasoline prices, which have eased from recent peaks following the end of the summer driving season. Nevertheless, global fuel markets remain tight as EIA data showed that US gasoline inventories fell by 1.7 million barrels in the week ended September 25th, while refinery utilization falling to 92.5%. Russia extended restrictions on most diesel exports through October, although it is considering a partial lift in case of overproduction as the domestic fuel market is reportedly balanced. China also extended its ban on some oil-product exports.
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Gasoline Futures Retreat
US gasoline futures fell below $3.35 a gallon, retreating from a one-week high, amid reports that EU countries are considering the release of diesel and oil reserves. European governments are discussing a French proposal following US pressure to ease elevated energy prices. President Trump has threatened a diesel export ban otherwise, despite acknowledging that such a measure could hurt gasoline prices, which have already eased from recent peaks following the end of the summer driving season. Nevertheless, global fuel markets remain tight as EIA data showed that US gasoline inventories fell by 1.7 million barrels in the week ended September 25th, while refinery utilization stood at 92.5%. Russia extended restrictions on most diesel exports through October, although it is considering a partial lift in case of overproduction as the domestic fuel market is reportedly balanced. China also suspended some of its oil-product exports to destinations beyond Hong Kong and Macau for October.
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US gasoline futures traded around $3.35 per gallon, holding most of their rebound 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 tight as Russia extended restrictions on most diesel exports through October. China also suspended oil-product exports beyond Hong Kong and Macau in October, with PetroChina canceling some gasoline and jet fuel shipments, further tightening global fuel supplies. Meanwhile, the US urged Germany and France to release emergency diesel stocks or face a potential US diesel export ban. President Donald Trump acknowledged that a ban could hurt gasoline prices but has not ruled it out.
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