US gasoline futures climbed above $2.1 per gallon, after data showed US gasoline inventories fell by nearly 6 million barrels to the lowest since early January, indicating robust consumer consumption. Crude oil stocks increased by 1.5 million barrels, below market expectations, while reserves at the Cushing hub declined. Meanwhile, markets weighed the potential impact of tariffs on Canadian oil, which could disrupt domestic supply and strain refining capacity in the Northern US. According to fuel distributor TACenergy, gasoline stations in New England faced higher costs on Canadian fuel shipments due to anticipated tariffs from US President Donald Trump. In geopolitical developments, Ukraine agreed to a US-backed 30-day truce with Russia, while Yemen’s Iran-backed Houthis threatened to resume attacks on Israeli ships.
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