Gasoline Falls to Two-Week Low
US gasoline futures fell to around $3.20 per gallon on Thursday, hitting a two-week low, as investors assessed a US proposal to ease sanctions on shadow fleet tankers to reduce petroleum shipping costs and facilitate oil flows. The discussions follow President Donald Trump's temporary easing of sanctions on Russian diesel exports, although analysts have questioned the deal's potential to lower fuel prices given the relatively small volume involved. Meanwhile, Russia accused Ukraine of attacking two oil refineries, including the 400,000 bpd Ryazan facility, raising doubts over the prospects for an energy truce announced by Trump. Separately, continued attacks on shipping near the Strait of Hormuz continues to pose risks to global oil flows. On the inventory front, API data showed that US gasoline stocks rose by 1.1 million barrels in the week ended October 9.
Story updates
20 per gallon on Thursday, hitting a two-week low, as investors assessed a US proposal to ease sanctions on shadow fleet tankers to reduce petroleum shipping costs and facilitate oil flows. The discussions follow President Donald Trump's temporary easing of sanctions on Russian diesel exports, although analysts have questioned the deal's potential to lower fuel prices given the relatively small volume involved. Meanwhile, Russia accused Ukraine of attacking two oil refineries, including the 400,000 bpd Ryazan facility, raising doubts over the prospects for an energy truce announced by Trump.
Separately, continued attacks on shipping near the Strait of Hormuz continues to pose risks to global oil flows. 1 million barrels in the week ended October 9.