US gasoline futures post biggest weekly loss since Sept

Old gasoline pumps


(Reuters) – U.S. gasoline futures posted the biggest weekly loss in seven months this week, as fears of a supply squeeze that threatened to send prices soaring for the summer fade, analysts and traders said on Friday.

The drop, which came after the specter of $5 a gallon gasoline became a hot issue in the U.S. presidential election debate, was driven by expectations that cargoes of fuel from Europe and the potential sale of one or two East Coast refineries would ease the potential for a shortfall during the driving season.

The fall has been extreme — down more than 6 percent this week alone to $3.1427 a gallon and off almost 9 percent from March 29, when gasoline futures hit an 11-month high. At the time, it appeared three refineries on the U.S. East Coast could shut due to poor margins over the summer, roughly half of the region’s capacity.

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I am business-minded college student who has a heart for helping others attain emotional independence and psychological stability. My background lies in Broadcasting, network marketing, and Human Services. I believe that crises and extreme stress is necessary for one to grow and figure out what matters in life (Tony Robbins). This keeps me going when frustrations arise in my business. View all posts by smartspending5

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