Gasoline Drops to Over 2-Month Low

2026-11-02 05:19 By Judith Sib-at 1 min. read

US gasoline futures fell below $3.0 per gallon, their lowest level since late August, amid hopes for diplomatic efforts to ease Middle East tensions.

Iranian negotiators held talks in Doha with Qatari mediators for a third consecutive day on Sunday aimed at reaching an agreement to end the US-Israeli war on Iran.

Meanwhile, US Secretary of State Marco Rubio said on Saturday that President Trump had not made a decision on fresh strikes against Iran and that Washington remained open to a diplomatic solution.

Additional pressure came from rising inventories and weaker demand.

EIA data showed an unexpected 3.8 million-barrel increase in gasoline stocks in the week ended October 23, while gasoline supplied, a proxy for demand, fell by 624,000 bpd to 8.36 million bpd.

However, inventories remained around 2% below their five-year seasonal average, while seasonal refinery maintenance and strong diesel production ahead of winter could limit gasoline output.



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US gasoline futures fell below $3.0 per gallon, their lowest level since late August, amid hopes for diplomatic efforts to ease Middle East tensions. Iranian negotiators held talks in Doha with Qatari mediators for a third consecutive day on Sunday aimed at reaching an agreement to end the US-Israeli war on Iran. Meanwhile, US Secretary of State Marco Rubio said on Saturday that President Trump had not made a decision on fresh strikes against Iran and that Washington remained open to a diplomatic solution. Additional pressure came from rising inventories and weaker demand. EIA data showed an unexpected 3.8 million-barrel increase in gasoline stocks in the week ended October 23, while gasoline supplied, a proxy for demand, fell by 624,000 bpd to 8.36 million bpd. However, inventories remained around 2% below their five-year seasonal average, while seasonal refinery maintenance and strong diesel production ahead of winter could limit gasoline output.
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