Gasoline Futures Retreat
US gasoline futures fell below $2.75 per gallon, reaching their lowest level since early March, amid expectations of further diplomatic efforts in the Middle East. An unconfirmed report suggested Iran had softened its demands over the Strait of Hormuz, while US President Trump’s remarks that extensive strikes on Iran were “highly unlikely” further lifted sentiment. However, supply concerns persist. Ukraine struck Russia’s second-largest refinery, disrupting its gasoline and diesel production and raising questions over the agreement between Presidents Putin and Trump on supplying Russian diesel to global markets. In the US, inventories remain below seasonal norms, with EIA data showing a further decline of 222,000 barrels in the week ended October 30. The agency also expects US refiners to shift production away from gasoline towards higher-margin middle distillates, including diesel and jet fuel. Seasonal refinery maintenance could further tighten gasoline supplies.
US gasoline futures fell below $2.75 per gallon, reaching their lowest level since early March, amid expectations of further diplomatic efforts in the Middle East. An unconfirmed report suggested Iran had softened its demands over the Strait of Hormuz, while US President Trump’s remarks that extensive strikes on Iran were “highly unlikely” further lifted sentiment. However, supply concerns persist. Ukraine struck Russia’s second-largest refinery, disrupting its gasoline and diesel production and raising questions over the agreement between Presidents Putin and Trump on supplying Russian diesel to global markets.
In the US, inventories remain below seasonal norms, with EIA data showing a further decline of 222,000 barrels in the week ended October 30. The agency also expects US refiners to shift production away from gasoline towards higher-margin middle distillates, including diesel and jet fuel. Seasonal refinery maintenance could further tighten gasoline supplies.