Gasoline Holds Near Four-Month High
US gasoline futures held above $3.50 a gallon, its highest level since May 21st, as uncertainty surrounding the Strait of Hormuz remained elevated. The Iranian President Pezeshkian stated his opposition to restrictions on Iran’s civilian nuclear program and US military presence in the Middle East. Meanwhile, as winter approaches and heating demand rises, refiners are shifting output toward higher-priced diesel, tightening gasoline markets, while EIA data showed US gasoline inventories unexpectedly declined by 1.7 million barrels in the week ending September 18th. Persistent Ukrainian attacks on Russian refining infrastructure have also contributed to elevated prices, with Russia is set to extend its diesel export ban beyond September. However, fears over prolonged disruptions to the East-West pipeline eased following reports that Saudi Arabia had begun testing the pipeline, while the Iranian president stated that he remained open to diplomatic talks with the US.
50 a gallon, its highest level since May 21st, as uncertainty surrounding the Strait of Hormuz remained elevated. The Iranian President Pezeshkian stated his opposition to restrictions on Iran’s civilian nuclear program and US military presence in the Middle East. 7 million barrels in the week ending September 18th. Persistent Ukrainian attacks on Russian refining infrastructure have also contributed to elevated prices, with Russia is set to extend its diesel export ban beyond September.
However, fears over prolonged disruptions to the East-West pipeline eased following reports that Saudi Arabia had begun testing the pipeline, while the Iranian president stated that he remained open to diplomatic talks with the US.