Gasoline Futures Rise
US gasoline futures edged up to $2.64 per gallon but remained close to an eight-month low, as traders weighed Middle East tensions against recovering inventories. EIA data showed gasoline stocks rose by 1.8 million barrels in the week ending November 6, lifting domestic supplies to 1% above seasonal norms for the first time since April. Seasonal declines in driving demand ahead of winter and near-capacity refinery operations have supported the recovery. Still, uncertainty over a prolonged US-Iran conflict remains an upside risk. President Trump has downplayed the need for a deal with Iran, further dampening hopes of an imminent resolution, although crude continues to flow through the waterway. A shift by US refiners away from gasoline towards higher-margin middle distillates, alongside seasonal refinery maintenance, could further constrain supply. Escalating Ukrainian attacks on Russian refineries and lower Chinese exports are also contributing to tighter global fuel markets.
US gasoline futures edged up to $2.64 per gallon but remained close to an eight-month low, as traders weighed Middle East tensions against recovering inventories. EIA data showed gasoline stocks rose by 1.8 million barrels in the week ending November 6, lifting domestic supplies to 1% above seasonal norms for the first time since April. Seasonal declines in driving demand ahead of winter and near-capacity refinery operations have supported the recovery. Still, uncertainty over a prolonged US-Iran conflict remains an upside risk.
President Trump has downplayed the need for a deal with Iran, further dampening hopes of an imminent resolution, although crude continues to flow through the waterway. A shift by US refiners away from gasoline towards higher-margin middle distillates, alongside seasonal refinery maintenance, could further constrain supply. Escalating Ukrainian attacks on Russian refineries and lower Chinese exports are also contributing to tighter global fuel markets.