Gasoline Rises to Four-Month High on Plant Fire, Storm
(Corrects price in third paragraph.)
Gasoline rose to the highest level in almost four months in New York after a fire shut part of the world’s second-largest refinery site, located in Venezuela.
Futures advanced today as much as 4.1 percent. Firefighters in Venezuela are working to extinguish two storage tanks after a gas explosion at the Paraguana complex killed at least 39 people and shut the Amuay plant, which has a processing capacity of 645,000 barrels a day. Gasoline also rose as about 24 percent of U.S. oil production from the Gulf of Mexico was shut because of Tropical Storm Isaac, the Bureau of Safety and Environmental Enforcement said yesterday.
Futures for September delivery gained as much as 12.7 cents to $3.205 a gallon on the New York Mercantile Exchange, the most since April 30. Prices are up 19 percent this year.
The Paraguana complex has a capacity of about 950,000 barrels a day, second in size to Reliance Industries Ltd. (RIL)’s Jamnagar refinery in India, according to data compiled by Bloomberg.
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