Gasoline Falls to 2-Week Low
US gasoline futures fell to around $3.30 per gallon, declining for the third consecutive session to an over two-week low, pressured by seasonal weakness as the US driving season winds down. However, Middle East supply disruptions and limited prospects for a US-Iran agreement helped limit the decline. Markets also continued to assess potential changes to US fuel policy, with President Donald Trump still considering a diesel export ban. If implemented, the ban could eventually prompt refiners to adjust crude runs and product yields, potentially reducing gasoline output and tightening domestic supply. Still, other administration officials are weighing alternative measures, with Energy Secretary Chris Wright favoring voluntary export curbs and the White House considering broader sales of tax-exempt red-dyed diesel. On data, gasoline inventories were 6% below the five-year average.
30 per gallon, declining for the third consecutive session to an over two-week low, pressured by seasonal weakness as the US driving season winds down. However, Middle East supply disruptions and limited prospects for a US-Iran agreement helped limit the decline. Markets also continued to assess potential changes to US fuel policy, with President Donald Trump still considering a diesel export ban. If implemented, the ban could eventually prompt refiners to adjust crude runs and product yields, potentially reducing gasoline output and tightening domestic supply.
Still, other administration officials are weighing alternative measures, with Energy Secretary Chris Wright favoring voluntary export curbs and the White House considering broader sales of tax-exempt red-dyed diesel. On data, gasoline inventories were 6% below the five-year average.