unleaded gasoline futures

gasoline futures

June 23rd, 2014

Gasoline in the U.S. climbed this week, boosted by a surge in oil, and is expected to reach the highest level for this time of year since 2008.

The pump price averaged $3.686 a gallon yesterday, up 1.2 cents from a week earlier, data posted on the Energy Information Administration’s website late yesterday show. Oil, which accounts for two-thirds of the retail price of gasoline, gained $2.49 a barrel on the New York Mercantile Exchange in the same period and $4.88 in the month ended yesterday.

The jump in crude, driven by concern that the crisis in Iraq will disrupt supplies, may boost pump prices by 10 cents a gallon at a time when they normally drop, according to forecasts including one from the EIA.

“If things deteriorate even more, the spike could be even bigger than that,” Phil Flynn, a senior market analyst at Price Futures Group in Chicago, said by telephone. “If it weren’t for the situation in Iraq, gasoline would be coming down by now. This will probably keep it elevated all summer. It’s really disappointing.”

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unleaded gasoline

gasoline futures

gasoline1gasoline1gasoline1gasoline1gasoline1May 29th, 2014

Gasoline futures climbed in New York after a tornado-damaged Louisiana refinery shut a crude unit and a government report showed U.S. inventories tumbled.

Prices rose as much as 0.8 percent. Marathon Petroleum Corp. (MPC)’s Garyville, Louisiana, plant, the nation’s third-largest, suffered damage to a cooling tower and shut a crude unit following the tornado yesterday. Motor fuel stockpiles dropped 1.8 million barrels to 211.6 million in the week ended May 23, according to Energy Information Administration data released today.

“The Garyville issue is significant because it’s one of the largest refineries in the country and there’s still no indication of how long it’s going to be down,” said Jim Ritterbusch, president of Ritterbusch & Associates LLC in Galena, Illinois. “The market tends to price in a worst-case scenario.”

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