US gasoline futures fall after White House meeting, $3.12/gal
US gasoline futures dropped to $3.12 a gallon, ending a five-session winning streak after a Trump-Energy Secretary Wright meeting with refiners. Talks covered fuel-blending quotas amid surging corn and soybeans, while demand ahead of Labor Day remains strong.
US gasoline futures fell to $3.12 a gallon, snapping a five-session winning streak, following Tuesday’s meeting between President Trump, Energy Secretary Wright, and US refiners.
Talks focused on fuel-blending quotas, with refiners arguing that it was contributing to higher fuel prices as corn and soybeans surged to nearly three-year highs amid adverse weather.
President Trump also urged refiners to build more refineries.
Meanwhile, prospects of higher Venezuelan oil inflows could provide some relief, although refiners are already operating near full capacity, with several facilities delaying maintenance to keep production elevated.
Oil flows through the Strait of Hormuz have also continued despite escalating tensions.
Still, the crack spread remains near multi-year highs, supported by strong demand ahead of the Labor Day weekend with heavy driving.
At the same time, Ukrainian strikes on Russian refining infrastructure pushed refinery runs to multi-year lows, adding further support.