Texas-Sized Storm Bucks N.Y. Traders With Wild Gasoline Swings
- On futures expiration day, timespreads rattled by volatility
- EPA waives summer gasoline rules to ease the turbulence
Schork Says Colonial Pipeline Closure Is Short Term Event
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New York traders rode wild swings in the gasoline futures market on expiration day amid market turmoil triggered by Hurricane Harvey and the floods that followed it.
The premium of September gasoline futures over the October contract touched 40.05 cents a gallon at one point Thursday on the New York Mercantile Exchange, the highest-ever level for this time of year. The gap more than tripled from its closing price Friday, as the storm that battered Texas knocked almost half of U.S. Gulf Coast refining operations offline.