Gasoline Holds Near 2-Month High

Gasoline futures in the US rose above $3.30 per gallon, remaining close to their highest level since late May, driven by growing concerns over global refined fuel supplies. The collapse of the US-Iran truce and renewed tanker attacks in the Strait of Hormuz heightened fears of disruptions to fuel shipments from the Persian Gulf. Additionally, Ukrainian strikes on Russia’s energy infrastructure continued to hamper operations at major refineries. US and global refiners also reduced gasoline output in favor of higher-margin diesel and jet fuel production, while strong overseas demand pushed US fuel exports to record highs. EIA data showed gasoline inventories fell by 1.5 million barrels in the week ending July 10, leaving stockpiles about 14 million barrels below their five-year seasonal average and at their lowest level for this time of year since 2012. The US gasoline crack spread climbed to about $59 per barrel, its highest level since June 2022.