US gasoline futures climbed back above $3.20 per gallon after recently touching a three-week low, as ongoing shipping disruptions supported prices following reports that a tanker was struck near the Strait of Hormuz. The global fuel market is also facing tighter supply prospects after Russia extended its diesel export ban, with a series of Ukrainian attacks on Russian refineries pushing oil-processing rates to multi-year lows. At the same time, the US is weighing its own restrictions on fuel exports, despite strong opposition from the oil industry.
Adding to the upward pressure, EIA data showed that US gasoline inventories fell by 1.7 million barrels in the week ended September 25th, a larger draw than markets anticipated, while refinery utilization slipped to 92.5%. Still, crude exports from the Persian Gulf continued to recover, providing some offset to concerns about supply. Gasoline prices have retreated from recent highs with the end of the US summer driving season, as refiners shift away from more costly summer-grade fuel.
