Chicago Gasoline Gains After Conoco Wood River Equipment Failure
Chicago gasoline strengthened after ConocoPhillips (COP) reported a compressor failure at the Wood River refinery in Illinois.
The plant began flaring sulfur dioxide as a result of the malfunction Jan. 26, according to a filing with the Illinois Emergency Management Institute. The company said in the filing that the unit will be repaired.
The discount for conventional, 87-octane gasoline in Chicago (CHCG87PC) narrowed 3 cents to 19 cents a gallon versus futures traded on the New York Mercantile Exchange at 2:36 p.m., according to data compiled by Bloomberg. The fuel has increased five consecutive days. Prompt delivery rose 4.35 cents to $2.6962 a gallon.
Regular gasoline in the Midwest (GRP3G387), or Group 3, strengthened 1.75 cents to a discount of 18 cents a gallon.
The same fuel in the Gulf Coast (MOSGC87P) held at a discount to futures of 1.8 cents a gallon.
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