Midwest gasoline and jet fuel rose against futures after a ConocoPhillips refinery in Ponca City, Oklahoma, reported an unspecified malfunction to the state.
The discount for conventional, 87-octane gasoline in the Midwest narrowed 1.25 cents to 18 cents a gallon below futures traded on the New York Mercantile Exchange, according to data compiled by Bloomberg. It’s the smallest discount for the fuel since April 3.
The company filed a notice with the Oklahoma Department of Environmental Quality on April 24. Paula Cain, director of Ponca City’s emergency management division, said the refinery flared gases that night.
The refinery in Ponca City is the largest in Oklahoma and can process 187,000 barrels a day. It produces gasoline, diesel and jet fuel, among other products.
The premium for Midwest jet fuel versus heating oil futures traded on the exchange rose 3.25 cents to 6 cents a gallon, according to data compiled by Bloomberg. It’s the highest premium since Feb. 3.