23.10.202508:33:00UTC+00Gasoline Extends Rebound from 4-Year Low

Gasoline futures for New York delivery have increased to $1.90 per gallon, up from a more than four-year low of $1.80 on October 16th. This rise is attributed to heightened crude oil prices, driven by various measures targeting Russian energy sectors amid signs of an oversupply in petroleum commodities. The U.S. administration, under President Trump, imposed tariffs on Russia's key oil producers, Rosneft and Lukoil, which together account for half of Russia's oil exports. Furthermore, Indian refineries have indicated plans to reduce their intake of Russian crude, a move aimed at mitigating political pressure from the United States, consequently increasing feedstock expenses for a leading gasoline producer. Despite this growth, year-to-date engine fuel futures remain over 6% lower, as the forecast anticipates substantial energy outputs from OPEC+, alongside contributions from the U.S., Canada, and Brazil. Tanker reports reveal that vessels are currently transporting in excess of 1.2 billion barrels of crude oil and condensate, reaching a new peak, a sign that the expected increase in energy supply from major producers is beginning to unfold.