US gasoline futures traded above $2 per gallon, holding up even as crude slumped because supply tightened and demand remained resilient. US gasoline inventories dropped by about 3.8 million barrels in the week through August 29th, more than three times the expected draw, signaling a clear reduction in available stocks. At the same time the Dangote refinery in Nigeria took a key gasoline unit offline around August 29, reducing Atlantic Basin supply and supporting US refining margins and crack spreads. Summer travel continued to underpin end-user consumption, and together these factors helped gasoline defy the broader energy sell-off. Crude slumped after US crude inventories rose by 2.42 million barrels in the same week, far above expectations, while global production increases and slowing refinery demand added to the oversupply.
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