Bloomberg Anywhere Login

Bloomberg

Connecting decision makers to a dynamic network of information, people and ideas, Bloomberg quickly and accurately delivers business and financial information, news and insight around the world.

Company

Financial Products

Enterprise Products

Media

Customer Support

  • Americas

    +1 212 318 2000

  • Europe, Middle East, & Africa

    +44 20 7330 7500

  • Asia Pacific

    +65 6212 1000

Communications

Industry Products

Media Services

Follow Us

Gasoline Futures Jump to Three-Week High as Brent Strengthens

May 6 (Bloomberg) -- Gasoline futures jumped to the highest level since April 9 as Brent crude advanced a third day. Crack spreads widened.

Prices climbed 1.4 percent as Brent gained $1.27 to $105.46 a barrel on concern that airstrikes in Syria might lead to wider conflict in the Middle East. A rally in Brent boosts costs for refiners using oil priced off the London benchmark. The fuel’s crack spread versus West Texas Intermediate rose $1.14 to $24.20 a barrel, while the spread to Brent widened 42 cents to $14.90.

“Gasoline is leading the way back as there’s an increase in Brent because of concerns about Syria,” said Phil Flynn, senior market analyst at Price Futures Group in Chicago.

Gasoline for June delivery rose 4.03 cents to settle at $2.8657 a gallon on the New York Mercantile Exchange. Prices have climbed 5.4 percent in three days. Trading volume was 15 percent below the 100-day average at 3:20 p.m.

Syria threatened retaliation against Israel after an aerial strike on the outskirts of Damascus caused explosions that rocked the capital, increasing the risk of a wider regional conflict.

“There’s a tick-up in geopolitical concerns and today we’re following Brent,” said Andrew Lebow, a senior vice president at Jefferies Bache LLC in New York.

Ultra-low-sulfur diesel for June delivery rose 3.58 cents, or 1.2 percent, to $2.9202 a gallon Trading volume was 32 percent below the 100-day average.

Gasoline at the pump, averaged nationwide, rose 0.1 cent to $3.521 a gallon, AAA said today on its website. Prices have fallen 26.5 cents from the year-to-date high of $3.786 on Feb. 26 and are 26.2 cents below a year ago.

To contact the reporter on this story: Barbara Powell in Dallas at bpowell4@bloomberg.net

To contact the editor responsible for this story: Dan Stets at dstets@bloomberg.net

Please upgrade your Browser

Your browser is out-of-date. Please download one of these excellent browsers:

Chrome, Firefox, Safari, Opera or Internet Explorer.