29.01.202617:22:06UTC+00Gasoline Rise to 10-Week Highs

Gasoline futures set for delivery at New York Harbor have surged to about $1.92 per gallon, marking a ten-week peak. This rise has been influenced by heightened crude prices, which have increased feedstock costs and driven the overall energy sector higher. Recent geopolitical tensions concerning Iran have pushed crude prices to levels last seen in September, adding a risk premium across the energy markets and supporting the price uptick in refined products. This upward trend persists, notwithstanding solid evidence of sufficient supply; data from the Energy Information Administration (EIA) has recorded significant gasoline inventory increases, including a notable 6.0 million barrel rise in mid-January, along with an unexpected gain in distillate stocks, which have helped alleviate immediate supply tightness. Looking further ahead, the supply landscape remains robust. According to projections from the International Energy Agency (IEA), global supply is expected to surpass demand by 2026. Additionally, changing trade dynamics, such as the growth of Russian crude exports to Asian refiners, are expanding the availability of alternative feedstocks.