Futures advanced as much as 1.2 percent. Brent for September settlement on the ICE Futures Europe exchange gained as much as 99 cents to $109.96 a barrel. Refiners on the East Coast and some on the Gulf Coast process crude from overseas that is priced off the London benchmark. Crack spreads widened.
Gasoline for September delivery rose 2.25 cents, or 0.8 percent, to $2.9266 a gallon at 10:23 a.m. on the New York Mercantile Exchange, after touching $2.9384, the highest intraday price since Aug. 6. Trading volume was 30 percent below the 100-day average.
Pump prices, averaged nationwide, fell 0.7 cent to $3.542 a gallon, Heathrow, Florida-based AAA said today on its website. Prices have fallen every day this month and are the lowest since July 10.
Ultra-low-sulfur diesel gained amid estimates by analysts at Petromatrix and JBC Energy that European refiners will cut production amid declining margins and because of seasonal maintenance.
“Products are getting a bit of support from talks of run cuts,” said Amrita Sen, chief oil market strategist at Energy Aspects Ltd., a research company in London. “There’s lots of maintenance coming up.”
Ultra-low-sulfur diesel for September delivery rose 1.37 cents, or 0.6 percent, to $3.0385 a gallon on trading volume that was 16 percent below the 100-day average.
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