Gasoline Slips Back to Seven-Week Low

2026-10-21 16:22 By Larissa Caser 1 min. read

US gasoline futures fell to around $3.10 per gallon, reaching a seven-week low as hopes of Russia-Ukraine diplomatic negotiations offset concerns over a persistently tight fuel market.

Russia has agreed to resume trilateral talks with the US and Ukraine on a potential peace deal which could increase fuel supplies in global markets.

Russia also announced that its first diesel cargo of around 300,000 barrels destined for the US would depart on Thursday, although its market impact could be limited as the US diesel exports about 1.5 million barrels a day.

Meanwhile, the US Energy Department announced plans to loan 315,000 barrels from the 1 million-barrel Northeast Home Heating Oil Reserve.

However, EIA data showed US gasoline inventories fell nearly 3 million barrels in the week ending October 16th, reversing prior builds and adding to warnings of a persistently tight fuel market.

Morgan Stanley has warned they could remain tight through mid-2027 as planned refinery outages rise sharply.



News Stream
Gasoline Slips Back to Seven-Week Low
US gasoline futures fell to around $3.10 per gallon, reaching a seven-week low as hopes of Russia-Ukraine diplomatic negotiations offset concerns over a persistently tight fuel market. Russia has agreed to resume trilateral talks with the US and Ukraine on a potential peace deal which could increase fuel supplies in global markets. Russia also announced that its first diesel cargo of around 300,000 barrels destined for the US would depart on Thursday, although its market impact could be limited as the US diesel exports about 1.5 million barrels a day. Meanwhile, the US Energy Department announced plans to loan 315,000 barrels from the 1 million-barrel Northeast Home Heating Oil Reserve. However, EIA data showed US gasoline inventories fell nearly 3 million barrels in the week ending October 16th, reversing prior builds and adding to warnings of a persistently tight fuel market. Morgan Stanley has warned they could remain tight through mid-2027 as planned refinery outages rise sharply.
2026-10-21
Gasoline Futures Rebound
US gasoline futures rose to around $3.15 per gallon after hitting a seven-week low in the previous session, as persistent supply risks offset prospects for improved fuel availability. Unconfirmed reports of a proposal to revive talks between Iran and the US had pressured prices, while the US Energy Department said it was working with domestic refiners to explore ways to boost fuel output and ease prices. Meanwhile, President Trump's decision to waive key sanctions and tariffs on Russia raised prospects for increased Russian fuel exports. However, Morgan Stanley warned that oil-product markets could remain tight through mid-2027 as planned refinery outages rise sharply, potentially constraining supplies even if war-related disruptions ease. EIA data showed that US gasoline inventories rose by 3.5 million barrels in the week ended October 9, marking a second consecutive weekly build and signaling a recovery in domestic supply.
2026-10-21
Gasoline Drops to Seven-Week Low
US gasoline futures fell to around $3.10 per gallon, reaching their lowest level in seven weeks, following unconfirmed reports of a proposal to revive talks between Iran and the US. The US Energy Department also said it was working with US refiners to explore ways to boost fuel output and ease prices. President Trump’s decision to waive key sanctions and tariffs on Russia could ease restrictions on Russian energy trade. However, analysts remain skeptical about the impact of additional Russian diesel supplies on global markets, with Morgan Stanley estimating that Russia’s diesel deal would provide just 12 hours’ worth of supply. Meanwhile, US gasoline inventories showed signs of recovery, with EIA data showing that stockpiles rose by 3.5 million barrels in the week ended October 9th, marking a second consecutive weekly build. However, persistent supply risks in the Middle East continued to limit the downside, as attacks on tankers threatened shipping through the Persian Gulf.
2026-10-20