Gasoline Weakens in Chicago as Fuel Inventories Increase
Chicago gasoline weakened after inventories of the fuel rose for the first time in four weeks, raising supplies in the region as the traditional driving demand season ends.
Inventories of the motor fuel in the Midwest gained 681,000 barrels to 49.5 million last week, the Energy Department reported. Supplies in the region rose above the 5-year average for this time of year.
The discount for conventional, 87-octane gasoline in Chicago increased 1.25 cents to 9 cents below futures traded on the New York Mercantile Exchange at 2:36 p.m., according to data compiled by Bloomberg. Prompt delivery rose 2.38 cents to $3.0115 a gallon.
The discount for the same fuel in the Midwest, or Group 3, narrowed 0.37 cent to 4.13 cents.
PBF Energy Inc.’s Toledo, Ohio, refinery was attempting to start a crude unit and a fluid catalytic cracker after a brief power failure, a person familiar with the situation said yesterday.
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