29.10.202514:50:29UTC+00Gasoline Extends Rebound from 4-Year Low

Gasoline futures for delivery in the New York Harbor increased to $1.97 per gallon, continuing their recovery from the over four-year low of $1.80 reached on October 16th. This rise occurs amidst a temporary decrease in domestic gasoline stocks, which briefly counteracts the overarching narrative of a petrol-commodity market oversupply. According to data from the EIA, gasoline inventories declined by 5.9 million barrels in the last week of October, marking the fourth consecutive decrease and significantly surpassing the anticipated 1.9 million barrel decline. This trend aligns with supply constraints faced by refineries in Asia, particularly as Indian gasoline producers may incur higher costs for their feedstock following U.S. sanctions on Russian oil giants Rosneft and Lukoil. Nevertheless, the substantial numbers of oil tankers at sea, production increases by OPEC+ members, and soaring output levels from non-OPEC countries are projected to maintain an oil surplus through the following year, as reiterated by the IEA.