Gasoline falls a sixth straight week as an Iran deal pushes pump prices under $4
US gasoline prices dropped for a sixth straight week, and the national average slipped below $4 a gallon after news that an Iran deal was signed. Reuters reported the streak. NerdWallet flagged the $4 line. Diesel fell nationwide alongside it, with Green Bay and other metros showing lower pump prices on the week.
Crude and the war
The drop traces back to crude. A signed Iran deal eased the war-risk premium that built up earlier in the month, and jet fuel posted its largest weekly price drop since the start of the Iran war. The relief is not clean. Ukrainian drones hit a Moscow oil refinery over the weekend, and Russia moved to muzzle footage of the strike. Refinery outages like that tighten product supply even when crude is soft, so the wholesale picture stays mixed heading into July.
OPEC and supply
The UAE's exit from OPEC+ keeps reshaping the supply math. Investing News Network and others tied the move to questions about the group's spare capacity and its share of world output. Less cohesion inside OPEC+ usually means more barrels reaching the market, which lines up with the softer crude tape this month.
Biofuels build
Money kept flowing into renewable fuels. Petrobras approved a $1.2 billion plant for bio-jet and renewable diesel at its RPBC site. India saw plans for a 2G ethanol biorefinery, and the UK unveiled a 219 million pound package for sustainable aviation fuel. On the credit side, RINs firmed to start the week while California's LCFS held in a tight range, a sign blenders see steady near-term demand.
On the ground
Casey's General Stores filed its annual 10-K, a read worth pulling for anyone tracking c-store fuel margins and inside sales. Paraguay set its diesel blend mandate at 8 to 10 percent. AirAsia X cut fares 5 percent as fuel costs eased, an early example of carriers passing lower jet prices to customers.
What to watch
Whether the sixth-week gasoline slide reaches a seventh depends on two things: how durable the Iran deal proves, and whether more Russian refinery strikes pull product supply tighter. If crude stays soft, retail could keep grinding lower into the July 4 driving stretch. Watch RIN prices for the first hint that biodiesel demand is shifting.