US gasoline futures climbed above $3.15 a gallon, extending gains for a second consecutive session amid tightening fuel supplies. Heightened tensions between the United States and Iran continue to exert upward pressure on prices, raising the risk of further disruptions to production and supply. Additional support for prices comes from sustained Ukrainian attacks on Russian refineries, which have driven processing rates to multi-year lows.
At the same time, EIA data showed that US gasoline inventories fell by 1.173 million barrels in the week ending August 28th, marking continued drawdowns in recent weeks. US refiners are largely running at full tilt and have limited capacity to increase output further, with some Midwest facilities operating at more than 103% of capacity and postponing maintenance to keep production elevated.
On September 4th, the US national average price for regular gasoline inched up to $4.15 a gallon, the highest level ever recorded for September, according to AAA. Earlier in the week, President Trump met with fuel refiners in an effort to curb gasoline prices, though no concrete measures were announced following the talks.
