US gasoline futures hover near $3.3/g on geopolitical and EIA inventory data
US gasoline futures traded around $3.3 per gallon as geopolitical risks persisted and EIA data showed gasoline inventories fell 2.536 million barrels in the week ending August 21, leaving stocks 6% below the five-year average.
US gasoline futures traded around $3.3 per gallon, as traders weighed geopolitical risks across key energy chokepoints.
Black Sea shipments remained at risk as Russia considers intensifying military pressure on Ukraine after determining that peace negotiations have reached a dead end.
Strikes targetiing Russian refineries pushed refinery runs toward multi-year lows.
In the Middle East, a tanker attack kept supply risks elevated.
Still, flows through the strait appear to have increased as regional producers boost exports.
Iran and Oman reached an agreement on the allocation of their respective shares of the Strait of Hormuz’s waters and related revenues, although Tehran cautioned that the deal alone would not be sufficient to reopen the strait.
In the US, EIA data showed gasoline inventories fell by 2.536 million barrels in the week ending August 21, well above expectations and leaving stocks 6% below the five-year average, underscoring continued tightness in the fuel market.