US gasoline futures fall after White House meeting, $3.12/gal

US gasoline futures fell to $3.12 a gallon, ending a five-session winning streak, after Tuesday’s meeting between President Trump, Energy Secretary Wright and US refiners. The talks focused on fuel-blending quotas, with refiners saying they were helping lift fuel prices as corn and soybeans rose to nearly three-year highs amid adverse weather. Trump also urged refiners to build more refineries. Higher Venezuelan oil inflows could ease the market, though refiners are already operating near full capacity and several facilities are delaying maintenance to keep output elevated.

Oil flows through the Strait of Hormuz have continued despite escalating tensions. The crack spread remains near multi-year highs, supported by strong demand ahead of the Labor Day weekend and heavy driving. Ukrainian strikes on Russian refining infrastructure have pushed refinery runs to multi-year lows, adding further support.