FX.co ★ Gasoline Rises for Second Day

US gasoline futures climbed above $3.30 per gallon, advancing for a second consecutive session, as a storm in the Gulf of Mexico threatened to disrupt refinery operations. Refineries along the US Gulf Coast account for roughly half of the nation’s total refining capacity, which is about 18.2 million barrels per day.

At the same time, ongoing attacks in the Middle East kept energy-market risks elevated, even as regional shipments showed some improvement. Fuel markets were further tightened by Russia’s continued restrictions on diesel exports and refinery outages, as well as reports that China has suspended some fuel exports scheduled for October.

According to the EIA, as of September 25 gasoline inventories were 7% below the five-year average, while refinery utilization stood at 92.5%. The agency also raised its oil price forecasts for 2026 and 2027, pointing to rapidly declining global inventories and heightened supply risks. Separately, the G7’s planned release of emergency crude and diesel reserves could offer some limited relief to tight markets.