US gasoline futures slipped below $3.35 per gallon, pulling back from a one-week high, as reports emerged that EU member states are weighing a coordinated release of diesel and oil reserves. European governments are debating a French initiative put forward under US pressure to cool elevated energy prices. President Trump has warned he will impose a diesel export ban if prices do not ease, even while conceding that such a move could push gasoline prices higher. Gasoline prices have already retreated from recent peaks following the end of the summer driving season.
At the same time, EIA data showed US gasoline inventories declined by 1.7 million barrels in the week ending September 25, with refinery utilization at 92.5%. Global fuel markets remain tight: Russia has extended restrictions on most diesel exports through October, and China has suspended oil-product exports to destinations other than Hong Kong and Macau for the month. PetroChina has also canceled several gasoline and jet-fuel cargoes, further constraining global fuel supplies.
