US gasoline futures rise above $3.21 to two-week high

  • US gasoline futures extended gains amid heightened tensions near the Strait of Hormuz.
  • Gasoline inventories fell 1.173 million barrels in the week ending August 28.
  • US officials preferred supply-side measures and denied considering a potential export ban.

US gasoline futures climbed above $3.21 a gallon to a two-week high as tensions persisted in the Strait of Hormuz following strikes on vessels near the waterway. Russia-Ukraine tensions also remained elevated despite a meeting between Ukraine and US envoys, with energy infrastructure continuing to come under attack. Constrained global refining capacity has left US refiners with limited room to increase output, while EIA (US Energy Information Administration) data showed gasoline inventories fell by 1.173 million barrels in the week ending August 28. US Energy Secretary Wright said supply-side measures were the preferred way to support energy flows. Other officials said a potential export ban was not under consideration, while noting that the end of the summer driving season could reduce demand and changes to fuel-blending requirements could support higher production.

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US gasoline futures rise above $3.21 to two-week high - CoinPost Terminal