Gasoline Holds Steady

US gasoline futures held near $3.45 a gallon, close to their highest level in eight weeks, as concerns over feedstock supply eased after Saudi Arabia stated it would offer additional cargoes via Oman. Attacks last week by Iran-backed Houthi rebels shut down a crucial crude pipeline in Saudi Arabia that bypasses the Strait of Hormuz, which remains under a blockade. Meanwhile, EIA data showed US gasoline inventories unexpectedly rose for a second consecutive week, increasing by 800 thousand barrels in the week ending September 11th, as refineries continued to operate at elevated capacity, albeit slightly lower rate of 96.8%, while delaying non-essential work. However, the approaching seasonal fall maintenance remains a threat to refined-product supplies. The data also showed that demand increased by 300 thousand barrels per day, while pump prices continued to rise.