US gasoline futures hold near $3.45, close to eight-week high

  • US gasoline futures held near $3.45 a gallon amid eased feedstock-supply concerns.
  • 800 thousand barrels were added to US gasoline inventories in the week ending September 11th.
  • Saudi Arabia said it would offer additional cargoes via Oman.

US gasoline futures held near $3.45 a gallon, close to their highest level in eight weeks, after Saudi Arabia said it would offer additional cargoes through Oman, easing concerns about feedstock supply. The move followed attacks by Iran-backed Houthi rebels last week that shut down a crucial Saudi crude pipeline bypassing the Strait of Hormuz, which remains under blockade. EIA (U.S. energy data agency) figures showed gasoline inventories unexpectedly increased by 800 thousand barrels in the week ending September 11th, marking a second consecutive weekly rise. Refineries continued operating at elevated capacity, although the rate eased to 96.8% as operators postponed non-essential work. Approaching seasonal fall maintenance remains a threat to refined-product supplies, while demand rose by 300 thousand barrels per day and pump prices continued to increase.

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