US gasoline futures slipped below $3.30 a gallon, extending their pullback from last week’s highs, after reports that Group of Seven nations plan to release emergency oil and diesel reserves. According to President Macron, G7 members have agreed to deploy 100 million barrels from emergency stockpiles over the next four months in an effort to curb elevated energy prices.
President Trump had threatened to impose a ban on diesel exports if no such action were taken, even while acknowledging that such a measure could affect gasoline prices. Gasoline costs have already eased from recent peaks following the end of the summer driving season, but global fuel markets remain tight.
Recent EIA data underscored that tightness, showing US gasoline inventories declined by 1.7 million barrels in the week ended September 25th, while refinery utilization fell to 92.5%. On the supply side, Russia has extended restrictions on most diesel exports through October, though it is considering a partial relaxation if overproduction emerges, as officials say the domestic fuel market is currently balanced. China has also prolonged its ban on certain oil-product exports, further constraining global supply.
