US gasoline futures extend gains above $3.21 to a two-week high
US gasoline futures traded above $3.21 a gallon and extended gains to a two-week high. Strength was supported by elevated Strait of Hormuz tensions and ongoing Russia-Ukraine conflict affecting energy infrastructure.
21 a gallon, extending gains to a two-week high as tensions remained elevated in the Strait of Hormuz amid strikes on vessels transiting near the waterway. Tensions between Russia and Ukraine show no sign of waning, despite the meeting between Ukraine and US envoys, as energy infrastructure continues to be targeted. 173 million barrels in the week ending August 28th. US Energy Secretary Wright said supply-side solutions were preferred to support energy flows, while other officials denied that a potential export ban was under consideration.
They also said the end of the summer driving season could weaken gasoline demand, and changes to fuel-blending requirements could help boost production.