Pump Prices in US Soar as Supply Cracks Outweigh Weak Demand
- West Coast, Midwest low on fuel amid refinery outages, work
- Physical gasoline market is diverging from bearish futures
A driver holds a fuel nozzle at a gas station in Sacramento, California.
Photographer: David Paul Morris/BloombergThis article is for subscribers only.
The US is running low on gasoline on the West Coast and in the Midwest, where prices are surging on the street, defying falling futures markets.
Wholesale fuel prices in Los Angeles, San Francisco and Portland have all reached record highs this week as a spate of unplanned refinery shutdowns compounded scheduled maintenance, at a time when seasonal stockpiles are already at their lowest level in 14 years.