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California Slashes Gas Production, Prices Hit $6 Gallon

4/30/2026

43 4 Full Breakdown

Summary

California Tightens Supply

California reduced gasoline production and raised imports in April 2026 as supply tightened.
Reliance Industries’ Jamnagar refinery shipped a record 960,000 barrels in April, up from March.
The U.S. refinery count fell to 11 in 2026 after a plant closed in November 2025.
Gasoline price rose to almost $6 per US gallon while jet fuel inventories fell to 2.6 million barrels, with cargoes dropping to 17,000 b/d in April.

Summary

US Supplies LNG

The United States supplies two-thirds of the EU’s LNG imports, overtaking traditional sources as the Iran conflict cuts Qatar’s 8 % share.
Markets saw Brent futures at $68-70 per barrel, European gas futures at €47.4/MWh, and the Federal Reserve (Fed) keep its rate at 3.5%-3.75% after an 8-4 vote.
Data showed the 10-year Treasury yield climb to 4.41%, FTSE 100 fall 1.16% to 10,213.11, and U.S. equities close mixed on April 29, 2026.

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California Tightens Supply

California reduced gasoline production and raised imports in April 2026 as supply tightened.
Reliance Industries’ Jamnagar refinery shipped a record 960,000 barrels in April, up from March.
The U.S. refinery count fell to 11 in 2026 after a plant closed in November 2025.
Gasoline price rose to almost $6 per US gallon while jet fuel inventories fell to 2.6 million barrels, with cargoes dropping to 17,000 b/d in April.

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