Gasoline Turns Lower
US gasoline futures fell to around $3.25 per gallon as prospects for increased Russian fuel supplies outweighed concerns over the expanding conflict in the Middle East. President Donald Trump said Russia had agreed to supply diesel to global markets to help lower fuel prices, while his administration temporarily eased US sanctions on Russian fuel. Meanwhile, markets continued to assess the prospects for an energy ceasefire between Russia and Ukraine following Trump’s announcement of an immediate truce, even as Russia continued striking Ukrainian energy infrastructure. Tanker attacks in the Strait of Hormuz also threatened regional supply flows, raising concerns that further disruptions could reverse the recovery in shipments. Fuel prices have eased in recent weeks but remained elevated, with 12.1% of global refining capacity offline as of September. Separately, Gulf of Mexico producers worked to restore offshore output following Hurricane Isaias.
25 per gallon as prospects for increased Russian fuel supplies outweighed concerns over the expanding conflict in the Middle East. President Donald Trump said Russia had agreed to supply diesel to global markets to help lower fuel prices, while his administration temporarily eased US sanctions on Russian fuel. Meanwhile, markets continued to assess the prospects for an energy ceasefire between Russia and Ukraine following Trump’s announcement of an immediate truce, even as Russia continued striking Ukrainian energy infrastructure.
Tanker attacks in the Strait of Hormuz also threatened regional supply flows, raising concerns that further disruptions could reverse the recovery in shipments. 1% of global refining capacity offline as of September. Separately, Gulf of Mexico producers worked to restore offshore output following Hurricane Isaias.