Gasoline Falls for Third Session

US gasoline futures fell to around $3.30 per gallon, declining for the third straight session, pressured by seasonal weakness in fuel demand and the G7’s planned release of emergency oil and diesel reserves. The release will be coordinated by the International Energy Agency over the next four months. The broader refined-products complex also faced pressure after President Trump signed an executive order expanding access to tax-exempt diesel. Meanwhile, gasoline pump prices have eased from recent peaks as demand weakens following the end of the summer driving season. Nevertheless, global fuel markets remain tight as EIA data showed US gasoline inventories fell by 1.7 million barrels in the week ended September 25, while refinery utilization stood at 92.5%. Russia extended restrictions on most diesel exports through October, although it is considering a partial lift amid balanced domestic supplies. China also suspended some oil-product exports for October.

US gasoline futures fell to around $3.30 a gallon, retreating from a one-week high, amid seasonal weakness in fuel demand and following a Group of Seven nations decision to release emergency oil and diesel reserves. The release will be coordinated by the International Energy Agency and will take place over the next four months. President Trump has hold off threats of a diesel export ban following the decision. Meanwhile, gasoline pump prices have eased from recent peaks as demand weakens 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 for October.

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.