Gasoline Futures Rise

US gasoline futures rose above $3.30 per gallon, recovering from the previous session’s losses, driven by persistent supply concerns. The potential for further escalation between the US and Iran, along with continued attacks on tankers in the Middle East, kept supply risks elevated despite improving regional shipments. Additionally, Hurricane Isaias threatened to disrupt refinery operations, with Gulf Coast refineries accounting for about half of US refining capacity of 18.2 million bpd. Russia’s restrictions on diesel exports and refinery disruptions, alongside China’s reported suspension of some October fuel exports, also tightened fuel markets. Offering some relief, EIA data showed US gasoline inventories unexpectedly rose by 382 thousand barrels in the week ending October 2, rebounding after two consecutive draws. The accelerated release of remaining IEA emergency oil stocks could also ease some supply pressures.

US gasoline futures held below $3.30 per gallon after declining in the previous session amid prospects of higher fuel supplies. EIA data showed US gasoline inventories unexpectedly rose by 382 thousand barrels in the week ending October 2nd, rebounding after two consecutive draws. The planned G7 release of emergency crude and diesel reserves could also ease supply pressures, while gasoline prices at the pump have retreated from recent peaks as demand weakens. However, a storm in the Gulf of Mexico threatened to disrupt refinery operations, with Gulf Coast refineries accounting 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.

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.