Gasoline Futures Rise
US gasoline futures rose above $3.22 a gallon as traders weighed prospects for a Russia—Ukraine energy ceasefire. Although President Trump claimed both sides agreed to one on Sunday, Ukraine said Moscow's air strikes continued to hit its energy infrastructure and pledged to keep targeting Russian energy facilities unless Russia agreed to an energy ceasefire. Tanker attacks in the Strait of Hormuz also continued to threaten supply, although flows have recovered to near 98% of pre-war levels. Fuel prices have eased in recent weeks but remain elevated, with 12.1% of global refining capacity offline as of September. Trump also said he was working with Russia to release diesel supplies to global markets, alongside a temporary easing of US sanctions on Russian fuel. Meanwhile, IEA chief Fatih Birol urged governments to accelerate planned diesel releases and consider boosting supplies. Elsewhere, Gulf of Mexico producers worked to restore offshore output following Hurricane Isaias.
22 a gallon as traders weighed prospects for a Russia—Ukraine energy ceasefire. Although President Trump claimed both sides agreed to one on Sunday, Ukraine said Moscow's air strikes continued to hit its energy infrastructure and pledged to keep targeting Russian energy facilities unless Russia agreed to an energy ceasefire. Tanker attacks in the Strait of Hormuz also continued to threaten supply, although flows have recovered to near 98% of pre-war levels. 1% of global refining capacity offline as of September.
Trump also said he was working with Russia to release diesel supplies to global markets, alongside a temporary easing of US sanctions on Russian fuel. Meanwhile, IEA chief Fatih Birol urged governments to accelerate planned diesel releases and consider boosting supplies. Elsewhere, Gulf of Mexico producers worked to restore offshore output following Hurricane Isaias.