US gasoline futures retreat below $3.30 as inventories build
US gasoline futures trade below $3.30 per gallon, easing from a three-week high after EIA data showed stocks rose 0.688 million barrels in the week ending August 14, versus a 1.2 million-barrel draw expected.
US gasoline futures traded below $3.30 per gallon, retreating from a three-week high as traders weighed uncertainty surrounding the Strait of Hormuz against an unexpected build in domestic inventories.
EIA data showed US gasoline stocks increased by 0.688 million barrels in the week ending August 14th, missing expectations for a 1.2 million-barrel draw.
Inventories are now 5% below their seasonal average, narrowing from 6% the previous week.
US Energy Secretary Chris Wright stated he would work with refiners to boost fuel production and ease prices, noting that refiners are operating at record levels.
Still, fading hopes of a reopening of the Strait of Hormuz pushed oil prices higher.
Trump said no talks were underway with Iran and that the waterway remained open, while Tehran said a US naval blockade was still in place.
Tanker traffic remained subdued, with limited traffic still passing through the strategic route, as shipowners stayed cautious.