Gasoline Rises for Second Day

US gasoline futures rose above $3.30 per gallon, gaining for the second straight session, as a storm in the Gulf of Mexico threatened to disrupt refinery operations. Refineries in US Gulf states account for about half of US refining capacity, which stands at 18.2 million barrels per day. Meanwhile, continued attacks in the Middle East kept energy-market risks elevated despite improvement in regional shipments. Russia’s ongoing restrictions on diesel exports and refinery disruptions, alongside China’s reported suspension of some October fuel exports, also tightened fuel markets. Gasoline inventories were 7% below the five-year average as of September 25, according to the EIA, while refinery utilization stood at 92.5%. The EIA also raised its 2026 and 2027 oil price forecasts, citing rapidly falling global inventories and supply risks. Separately, the G7’s planned release of emergency crude and diesel reserves could provide some relief.

US gasoline futures fell to around $3.20 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.