08.10.202515:16:07UTC+00Gasoline Extends Rebound from 5-Year Low

In early October, gasoline futures in the United States increased to $1.90 per gallon, rebounding from a five-year low of $1.85 on October 2nd. This upturn occurred against the backdrop of a diminished surplus in crude oil supplies and constraints in refining capacity. OPEC+ nations presented a smaller output increase than previously anticipated, stemming from Saudi Arabia's efforts to reclaim its market share conflicting with Russia's aims to curb a steep fall in hydrocarbon prices. Concurrently, approximately 40% of Russia's refining capacity was rendered inoperative due to outdated facilities and drone attacks from Ukraine, compelling the major oil hub to boost imports of refined fuel from Belarus by 40% so far this year. Recent EIA data indicated a decline in U.S. gasoline inventories by 1.6 million barrels for the week ending on October 3rd, exceeding predictions. This trend contrasted with patterns from other principal fuel consumers, who observed ten-year-high levels of oil being transported by tankers, fueling apprehensions of oversupply in the global oil and gasoline markets.