Gasoline futures fell to $1.92 per gallon—the lowest since September—as inventories rose unexpectedly. Oil traders and investors are watching the ceasefire and the OPEC+ meeting.
- Gasoline futures fell to $1.92 per gallon.
- The lowest price recorded since September.
- Data shows a substantial increase in inventories.
- Surprise Build in Gasoline Stocks Defies Forecasts
Gasoline Futures Plunge to $1.92 as U.S. Inventories Soar
Gasoline futures in the United States have dropped to $1.92 per gallon, marking their lowest point since September. This decline comes after new data revealed a significant rise in gasoline inventories.
The Energy Information Administration reported that gasoline stocks surged by 3.3 million barrels, reaching 212.2 million last week. This jump disregarded market expectations of a small decrease of 46,000 barrels. The unexpected increase pressures an already weak gasoline market affected by falling oil prices.
Markets React to Ceasefire and Upcoming OPEC+ Meeting
Oil markets are responding to a ceasefire between Israel and Hezbollah, brokered by the U.S. and France, which took effect on Wednesday.
Attention is shifting to the upcoming OPEC+ meeting, where members may delay a planned output increase to address oversupply concerns.