11.09.202610:05:55UTC+00Gasoline Futures Retreat

US gasoline futures slipped to about $3.35 per gallon after touching an intraday high of $3.45, but prices remain elevated as the conflict in the Middle East shows no signs of easing. Iran has warned of counterstrikes if the US maintains military pressure, while Iran-backed Houthi forces have tightened their grip on the Bab al-Mandeb Strait. At the same time, Ukrainian attacks on Russian energy infrastructure have further constrained Russia’s refined product output.

In its latest report, the IEA lowered its global oil demand outlook, citing tighter supply conditions and higher refined product prices. Separately, EIA data showed that US gasoline inventories rose by 1.269 million barrels in the week ending September 4th, even as fuel production declined. US refineries are operating near full capacity, with strong refining margins encouraging maximum throughput, although broader constraints across the oil market continue to limit overall supply.

According to AAA, the national average price for regular gasoline in the US rose further to $4.30 per gallon on September 11th.