Gasoline Declines to Two-Week Low
US gasoline futures fell below $3.20 a gallon to a two-week low as fuel supplies showed signs of recovery. According to the EIA, US gasoline inventories rose by 3.5 million barrels in the week ending October 9th, marking a second consecutive weekly build and easing concerns over tight supplies. The reading follows the IEA’s announcement that it will complete the release of 100 million barrels of oil agreed in March, amid pressure from US officials to curb high fuel prices. Additionally, Russia reported that the release of its diesel supplies had begun reaching global markets. However, geopolitical risks remain elevated as Russia and Ukraine move further away from a US-backed energy truce. Ukrainian President Zelenskyy ordered continued strikes on Russian refineries, while President Putin downplayed their impact. Attacks on tankers transiting the Strait of Hormuz and by the Yemen’s Iran-backed Houthi militia added to concerns over disruptions to global oil flows.
US gasoline futures fell below $3.20 a gallon to a two-week low as fuel supplies showed signs of recovery. According to the EIA, US gasoline inventories rose by 3.5 million barrels in the week ending October 9th, marking a second consecutive weekly build and easing concerns over tight supplies. The reading follows the IEA’s announcement that it will complete the release of 100 million barrels of oil agreed in March, amid pressure from US officials to curb high fuel prices. Additionally, Russia reported that the release of its diesel supplies had begun reaching global markets.
However, geopolitical risks remain elevated as Russia and Ukraine move further away from a US-backed energy truce. Ukrainian President Zelenskyy ordered continued strikes on Russian refineries, while President Putin downplayed their impact. Attacks on tankers transiting the Strait of Hormuz and by the Yemen’s Iran-backed Houthi militia added to concerns over disruptions to global oil flows.