Gasoline futures for delivery in the New York Harbor fell 1% to $1.78 per gallon, pulling back from an over one-month high hit on January 13th amid reduced geopolitical risk premiums, the resumption of Venezuelan exports, and a build in US inventories. President Trump softened his rhetoric on striking Iran over its crackdown on civil unrest, while the US withdrew some personnel from military bases in the Middle East due to Iranian threats of retaliation in the event of an American attack. On the supply side, Venezuela, an OPEC+ member, resumed oil exports, with reports indicating that two supertankers, each carrying 1.8 million barrels of crude, departed Venezuelan waters. These shipments could mark the first under a 50-million-barrel supply agreement to revive Venezuelan exports following the US-led ousting of President Nicolas Maduro. Additionally, US gasoline inventories rose by nearly 9 million barrels in the week ending January 9, the largest buildup since December 2023
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