Gasoline Pares Losses

2026-11-03 08:26 By Kyrie Dichosa 1 min. read

US gasoline futures rose above $2.90 per gallon, paring a more than 8% decline in the previous session as markets assessed the viability of a US-Iran resolution.

Reports of a US strike on Iran’s Qeshm Island heightened uncertainty over the conflict, offsetting diplomatic developments, including reported talks between Iranian and Qatari officials.

Meanwhile, gains were capped by rising gasoline inventories and signs of weakening demand.

EIA data showed that US gasoline stocks unexpectedly increased by 3.8 million barrels in the week ended October 23, while gasoline supplied, a proxy for demand, fell by 624,000 bpd to 8.36 million bpd.

Despite the weekly build, inventories remained around 2% below their five-year seasonal average.

Seasonal refinery maintenance and a shift toward higher diesel production ahead of winter could also constrain gasoline output, providing some support to prices.



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Gasoline Pares Losses
US gasoline futures rose above $2.90 per gallon, paring a more than 8% decline in the previous session as markets assessed the viability of a US-Iran resolution. Reports of a US strike on Iran’s Qeshm Island heightened uncertainty over the conflict, offsetting diplomatic developments, including reported talks between Iranian and Qatari officials. Meanwhile, gains were capped by rising gasoline inventories and signs of weakening demand. EIA data showed that US gasoline stocks unexpectedly increased by 3.8 million barrels in the week ended October 23, while gasoline supplied, a proxy for demand, fell by 624,000 bpd to 8.36 million bpd. Despite the weekly build, inventories remained around 2% below their five-year seasonal average. Seasonal refinery maintenance and a shift toward higher diesel production ahead of winter could also constrain gasoline output, providing some support to prices.
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