US gasoline futures slip below $3.20 after two-week high
US gasoline futures fell below $3.20 a gallon after a two-week high as demand outlook weakened. Inventories are 6% below the five-year average, with refineries near full capacity and some deferring maintenance.
20 a gallon after touching a two-week high, as the outlook for gasoline demand weakened. Energy Secretary Wright said slower demand after the summer driving season could help rebuild inventories, which are still 6% below the five-year average. He added that US refineries are running near full capacity, with some delaying seasonal fall maintenance to keep output elevated. In China, the world’s biggest crude importer, August crude imports rose as refiners lifted production amid shrinking inventories, offering some relief to a tight global refining market.
7% in 2026, speeding the removal of excess refining capacity. Geopolitical tensions also intensified after the US military struck Iranian tankers, while Ukraine attacked an energy facility in Russia’s Arctic for the first time.