Gasoline futures hover near five-week high as supply risks rise
US gasoline futures traded around $3.38 per gallon near a five-week high as supply concerns intensified on geopolitical risks. EIA data showed inventories fell 2.536 million barrels in the week ending Aug. 21, above expectations.
US gasoline futures traded around $3.38 per gallon, near a five-week high, as supply concerns intensified amid rising geopolitical risks.
US-Iran diplomatic efforts remained stalled after Washington ruled out reviving the terms of a June agreement and said it was not currently negotiating with Tehran.
The US has instead intensified pressure through new sanctions earlier this week, which Iran condemned as hostile and ineffective.
Meanwhile, Black Sea shipments faced heightened risks as Russia considers intensifying military pressure on Ukraine after determining that peace negotiations have reached a dead end, while strikes on Russian refineries pushed refinery runs toward multi-year lows.
In the US, EIA data showed gasoline inventories fell by 2.536 million barrels in the week ending August 21, well above expectations, leaving stocks 6% below the five-year average and underscoring continued tightness in the fuel market.