Gasoline Falls as Refineries Complete Seasonal Maintenance
Gasoline fell as refineries restarted units after maintenance, boosting operating rates.
Futures declined as refiners processed the most crude and other feedstocks in two months during the week ended March 22, according to Energy Information Administration data. Today’s loss follows the smallest first-quarter gain in five years.
“Everything has returned from turnaround on the East Coast and refineries have been increasing operating rates, adding to supply,” said Andy Lipow, president of Lipow Oil Associates LLC in Houston.
Gasoline for May delivery declined 2.35 cents, or 0.8 percent, to $3.0871 a gallon at 9:52 a.m. on the New York Mercantile Exchange. Trading volume was 5.3 percent below the 100-day average for the time of day.
Today is the first day of trading since March 28 because the market was closed March 29 for Good Friday.
The ultra-low-sulfur-diesel contract for May delivery declined 1.89 cents, or 0.6 percent, to $3.0281 a gallon on volume that was 43 percent below the 100-day average. Today is the first day of trading the contract that represents ULSD.
To contact the reporter on this story: Barbara Powell in Dallas at firstname.lastname@example.org
To contact the editor responsible for this story: Dan Stets at email@example.com