Gasoline Futures Retreat
US gasoline futures fell below $3.35 a gallon, retreating from a one-week high, amid reports that EU countries are considering the release of diesel and oil reserves. European governments are discussing the French proposal following US pressure to ease elevated energy prices. President Trump has threatened a diesel export ban otherwise, despite acknowledging that such a measure could put upward pressure on gasoline prices, which have already eased from recent peaks following the end of the summer driving season. Meanwhile, EIA data showed that US gasoline inventories fell by 1.7 million barrels in the week ended September 25, while refinery utilization stood at 92.5%. Global fuel markets remained tight as Russia extended restrictions on most diesel exports through October. China also suspended oil-product exports to destinations beyond Hong Kong and Macau for October, with PetroChina canceling some gasoline and jet-fuel shipments, adding further pressure to global fuel supplies.
35 a gallon, retreating from a one-week high, amid reports that EU countries are considering the release of diesel and oil reserves. European governments are discussing the French proposal following US pressure to ease elevated energy prices. President Trump has threatened a diesel export ban otherwise, despite acknowledging that such a measure could put upward pressure on gasoline prices, which have already eased from recent peaks following the end of the summer driving season. 5%.
Global fuel markets remained tight as Russia extended restrictions on most diesel exports through October. China also suspended oil-product exports to destinations beyond Hong Kong and Macau for October, with PetroChina canceling some gasoline and jet-fuel shipments, adding further pressure to global fuel supplies.