Gasoline Prices Retreat
US gasoline futures fell to around $3.48 per gallon, retreating from a four-month high, as markets weighed uncertainty over potential US diesel export restrictions alongside diplomatic developments in the Middle East. While Energy Secretary Chris Wright favors voluntary curbs on diesel exports, President Trump has previously backed restrictions, leaving the policy outlook unclear. Such restrictions could prompt US refiners to cut crude runs by about 12%, according to S&P Global Energy CERA, reducing gasoline production. Meanwhile, diplomatic hopes between the US and Iran eased some supply concerns, as negotiators reportedly explored a phased path to end the war, including reopening the Strait of Hormuz and lifting Washington’s economic blockade of Iran. However, continued attacks in the Middle East tempered hopes for broader de-escalation. Separately, US gasoline inventories unexpectedly declined by 1.7 million barrels in the week ending September 18th, according to the EIA.
48 per gallon, retreating from a four-month high, as markets weighed uncertainty over potential US diesel export restrictions alongside diplomatic developments in the Middle East. While Energy Secretary Chris Wright favors voluntary curbs on diesel exports, President Trump has previously backed restrictions, leaving the policy outlook unclear. Such restrictions could prompt US refiners to cut crude runs by about 12%, according to S&P Global Energy CERA, reducing gasoline production.
Meanwhile, diplomatic hopes between the US and Iran eased some supply concerns, as negotiators reportedly explored a phased path to end the war, including reopening the Strait of Hormuz and lifting Washington’s economic blockade of Iran. However, continued attacks in the Middle East tempered hopes for broader de-escalation. 7 million barrels in the week ending September 18th, according to the EIA.