Gasoline Rises to Monthly High
In mid-August, US gasoline futures surged above $2.12 per gallon, marking a monthly high due to tightening supplies alongside steady demand and logistical challenges depleting inventories. Over the week ending August 15, gasoline inventories dropped by 2.72 million barrels, marking the fifth consecutive week of declines. Concurrently, US crude oil stocks fell by 6.01 million barrels, diminishing the raw material available for fuel production. With refineries operating at nearly full capacity, options to boost gasoline output are limited, and a weather-related shutdown at BP's Whiting refinery exacerbated supply shortages in the Midwest, intensifying regional deficiencies. Robust domestic demand, coupled with strong export levels, has hastened the drawdown of already strained inventories. Meanwhile, a modest increase of 419,000 barrels in storage at Cushing offered minimal relief to consumer markets.
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