Chicago Gasoline Caps Biggest Weekly Drop Since ’08 After Work
Chicago gasoline fell the most in a week since 2008 as Citgo Petroleum Corp. and BP Plc (BP) finished maintenance on refineries that supply the hub.
BP started a crude unit at the Whiting plant in Indiana and Citgo finished planned maintenance at the 170,500-barrel-a-day Lemont, Illinois, facility this week.
Conventional, 87-octane gasoline in Chicago dropped 13 cents to a discount of 2 cents a gallon versus futures traded on the New York Mercantile Exchange at 4:29 p.m., according to data compiled by Bloomberg. Prompt delivery fell 10.47 cents to $2.6817 a gallon. The hub was at a premium of 37.5 cents a gallon on June 11.
Chicago gasoline tumbled 39.5 cents this week, the most since the period ending Sept. 19, 2008, following Hurricanes Gustav and Ike.
Gasoline inventories in the Midcontinent, or PADD 2 region, decreased for the seventh straight week in the period ended June 8, the Energy Department reported June 13.
The same fuel in the Gulf Coast narrowed its discount 1.87 cents to 8.38 cents a gallon, the strongest level since Feb. 21.
To contact the reporter on this story: Paul Burkhardt in New York at pburkhardt@bloomberg.net.
To contact the editor responsible for this story: Dan Stets at dstets@bloomberg.net.
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