04.09.202516:39:49UTC+00Gasoline Rebounds After EIA Data

US gasoline futures exceeded $2 per gallon, maintaining their strength even as crude oil prices declined, due to a tightening of supply and sustained demand. In the week ending August 29th, US gasoline inventories decreased by approximately 3.8 million barrels, significantly surpassing the anticipated reduction, indicating a notable depletion of available stocks. Concurrently, the Dangote refinery in Nigeria shut down a major gasoline unit around the same date, diminishing the supply in the Atlantic Basin and buttressing US refining margins and crack spreads. The persistence of summer travel continued to bolster end-user consumption, allowing gasoline to resist the broader energy market downturn. In contrast, crude prices fell after US crude inventories unexpectedly rose by 2.42 million barrels during the same week. This increase, coupled with global production hikes and reduced refinery demand, contributed to the oversupply.