Gasoline Futures Reversal Amid Trump Refinery Talks

US gasoline futures took a step back after a five-session winning streak, falling to $3.12 a gallon following a meeting between President Trump, Energy Secretary Wright, and US refiners.

The talks focused on fuel-blending quotas, with refiners arguing that it was contributing to higher fuel prices due to surging corn and soybean prices amid adverse weather conditions.

President Trump urged refiners to build more refineries, but the prospects of increased Venezuelan oil inflows may provide some relief, albeit limited by existing capacity constraints.

Oil flows through the Strait of Hormuz continue uninterrupted despite escalating tensions, while strong demand ahead of the Labor Day weekend is driving crack spreads near multi-year highs.