Gasoline Futures Drop
US gasoline futures fell below $3.35 per gallon, snapping a two-day winning streak amid prospects of higher fuel supplies. EIA data showed US gasoline inventories unexpectedly rose by 382 thousand barrels in the week ending October 2nd, rebounding after two consecutive draws. The planned G7 release of emergency crude and diesel reserves could also ease supply pressures, while gasoline prices at the pump have retreated from recent peaks as demand weakens. However, a storm in the Gulf of Mexico threatened to disrupt refinery operations, with Gulf Coast refineries accounting for about half of US refining capacity, which stands at 18.2 million barrels per day. Meanwhile, continued attacks in the Middle East kept energy-market risks elevated despite improvement in regional shipments. Russia’s ongoing restrictions on diesel exports and refinery disruptions, alongside China’s reported suspension of some October fuel exports, also tightened fuel markets.
35 per gallon, snapping a two-day winning streak amid prospects of higher fuel supplies. EIA data showed US gasoline inventories unexpectedly rose by 382 thousand barrels in the week ending October 2nd, rebounding after two consecutive draws. The planned G7 release of emergency crude and diesel reserves could also ease supply pressures, while gasoline prices at the pump have retreated from recent peaks as demand weakens. 2 million barrels per day.
Meanwhile, continued attacks in the Middle East kept energy-market risks elevated despite improvement in regional shipments. Russia’s ongoing restrictions on diesel exports and refinery disruptions, alongside China’s reported suspension of some October fuel exports, also tightened fuel markets.