The wholesale cost of gasoline in New York surged more than 40% against futures after regional supplies sank to the lowest level in a decade, raising the risk of shortages.
Gasoline stockpiles in the central East Coast region are at the lowest absolute level since November 2012, according to Energy Information Administration data. Seasonally, supplies are near an all-time low in records going back to 1993. The premium for New York gasoline on the spot market -- where wholesale prices are determined -- jumped by 10 cents Wednesday. Only San Francisco has more expensive wholesale gasoline.