FX.co ★ US Gasoline Futures Down after EIA Data

U.S. gasoline futures declined to $2.13 per gallon following an unexpected rise in crude oil and fuel inventories, as reported by the Energy Information Administration (EIA). Contrary to expectations of a decrease, crude oil stocks increased by 1.33 million barrels, with both gasoline and distillate inventories showing growth as well. Nevertheless, concerns about potential disruptions in Middle Eastern supplies have emerged, fueled by reports of possible Israeli military strikes on Iranian nuclear facilities, particularly affecting the crucial Strait of Hormuz. Meanwhile, the American Automobile Association (AAA) projects that a record 45.1 million Americans will travel at least 50 miles for Memorial Day weekend, with 39.4 million choosing to drive—an increase of one million compared to the previous year.