U.S. refiners are running at maximum capacity, keeping gasoline inventories tight and pump prices near $3.83 per gallon even as crude oil costs have fallen sharply from spring highs. Helima Croft, Head of Global Commodity Strategy at RBC Capital Markets, told CNBC that gasoline inventories continue to draw, and with refiners already operating at peak utilization there is little slack to convert cheaper crude into more finished gasoline quickly. She flagged mid-August as a pivotal geopolitical deadline, noting that ship traffic through the Strait of Hormuz has picked up but remains well below pre-tension levels, and she is more pessimistic that nuclear negotiations will be finalized by then, which would keep a risk premium embedded in energy prices.
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