U.S. Gasoline Stocks Fall for 15 Straight Weeks to 211.5 Million Barrels as $4.33 Prices Risk Fresh Spike
Updated
Updated · Reuters · Jun 1
U.S. Gasoline Stocks Fall for 15 Straight Weeks to 211.5 Million Barrels as $4.33 Prices Risk Fresh Spike
3 articles · Updated · Reuters · Jun 1
U.S. gasoline inventories have dropped for 15 consecutive weeks to 211.5 million barrels, the lowest for this time of year since 2014 and one draw away from a record streak.
That erosion has cut the market's buffer just as the summer driving season begins, raising the risk of sharp price swings if supplies are disrupted again.
Gasoline already averages about $4.33 a gallon, up 50% since the U.S.-Israeli war against Iran began on February 28, with renewed Middle East hostilities seen as a trigger for another rally.
Refiners lifted crude processing to 16.9 million barrels last week, the highest since November, but stronger exports and rising domestic demand may keep local gasoline stocks from rebuilding soon.
A durable peace deal that restores Strait of Hormuz tanker traffic could ease pressure, while continued conflict would deepen cost-of-living risks for U.S. households this summer.