Gasoline Shortage on US East Coast Is Latest Fuel Supply Crisis
- Regional gasoline stockpiles are the lowest since 2007
- Backwardation limits resupply while imports have slowed
Drivers wait in line to refuel at a gas station.
Photographer: Elijah Nouvelage/BloombergThis article is for subscribers only.
The fuel crisis on America’s East Coast is deepening as terminals running low on diesel are now down on gasoline, too.
“Numerous” terminals are out of gasoline and ethanol over the past 72 hours due to various supply delays, according to distributor TAC Energy. Rallying futures show the reason “is more short squeeze caused by a variety of disruptions in supply, rather than an expectation of strong gasoline demand,” TAC wrote in a note.