US Gasoline Inventories Hit 10-Year Low

US gasoline inventories reached 222 million barrels as of April 24, marking a 10-year low compared to the annual average of 240 million barrels. An oil industry executive warned that the market could face a turning point in June, potentially leading to business closures and recession. This decline occurs amid inflation concerns linked to the conflict in Iran. US reserves for gasoline are at the lowest level for this time of year in approximately 10 years. Additionally, reserves for crude oil, diesel, and jet fuel are also at low levels. Morgan Stanley issued a warning regarding an imminent and sharp decline in United States gasoline inventories. Experts at the bank project inventories could drop to 198 million barrels by the end of the current summer season. The projected shortage is attributed to disrupted imports caused by the Hormuz Strait crisis, according to the report. Correspondent Rebecca Jarvis reported that record amounts of oil and gasoline products left the country over the last week. Foreign buyers have been forced to seek alternative sources, contributing to the depletion of domestic stocks. Gas prices are expected to remain elevated with no immediate relief in sight. Current prices are the highest recorded since 2022.