Gasoline Futures Hit 1-Year High

Gasoline futures in the US hit one-year high of $2.9 per gallon in the second week of August, after the data showed domestic inventories shrank by a bigger-than-expected draw due to an increase in demand.

According to new data from the Energy Information Administration, total domestic gasoline stocks decreased by 2.6 million bbl to 216.420 million bbl in the week ending August 4th, compared with expectations for a 8 thousand-barrel decline.

Gasoline prices have been supported by an upward trend in WTI crude futures that were boosted by extension of supply cuts from top exporters of Saudi Arabia and Russia for August. Meanwhile, the US oil benchmark has surged to $80 per barrel.