Gasoline Futures Hold Steady
US gasoline futures held near $3.15 per gallon, holding its decline from the previous session as traders weighed elevated supply risks against signs of improving inventories. Yemen’s Iran-backed Houthis claimed to have struck Saudi Arabia’s largest oil refinery, while reports said Washington warned Gulf states to prepare for a possible post-midterm military campaign against Iran. Geopolitical tensions add to concerns over an already tight fuel market, with gasoline inventories remaining 2% below seasonal norms, although they have recovered partially as driving demand eases. EIA data showed an unexpected build of 3.8 million barrels in the week ending October 23rd. Supplies are expected to remain constrained as refineries prioritize higher-demand diesel ahead of winter. Seasonal maintenance is also limiting gasoline output despite facilities operating near capacity. Meanwhile, Ukrainian strikes on Russian refineries also add to geopolitical risks on global fuel markets.
US gasoline futures held near $3.15 per gallon, holding its decline from the previous session as traders weighed elevated supply risks against signs of improving inventories. Yemen’s Iran-backed Houthis claimed to have struck Saudi Arabia’s largest oil refinery, while reports said Washington warned Gulf states to prepare for a possible post-midterm military campaign against Iran. Geopolitical tensions add to concerns over an already tight fuel market, with gasoline inventories remaining 2% below seasonal norms, although they have recovered partially as driving demand eases. EIA data showed an unexpected build of 3.8 million barrels in the week ending October 23rd.
Supplies are expected to remain constrained as refineries prioritize higher-demand diesel ahead of winter. Seasonal maintenance is also limiting gasoline output despite facilities operating near capacity. Meanwhile, Ukrainian strikes on Russian refineries also add to geopolitical risks on global fuel markets.