Andy Lipow News
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The European oil price-fixing probe expanded as Neste Oil Oyj, Finland’s only refiner, said it was asked to provide information regarding potential manipulation of global crude and biofuel markets.
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Gasoline rallied a fourth day on speculation that refinery shutdowns will crimp supplies as demand picks up over the May 26 Memorial Day holiday. Crack spreads widened.
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Ultra-low-sulfur diesel rose as gasoil gained in Europe on speculation refineries may reduce operating rates, limiting production.
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Ultra-low-sulfur diesel declined on speculation that U.S. distillate inventories climbed last week. Crack spreads narrowed.
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Gasoline slid to a one-week low as Phillips 66 restarted units after a power failure at its Sweeny refinery in Texas, easing concern that U.S. Gulf Coast supplies will be reduced.
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U.S. oil exports are poised to reach the highest level in 28 years as deliveries to Canada more than triple, helping bring down the price of the global benchmark Brent crude relative to U.S. grades.
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Ultra-low-sulfur diesel futures jumped to a three-week high as gasoil in Europe strengthened. Crack spreads widened.
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Gasoline declined for the first time in three days on speculation U.S. inventories are adequate to meet peak summer demand.
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Marathon Petroleum Corp. is unable to load oil from a barge dock on the Mississippi River at Wood River, Illinois, which may depress Canadian oil prices if repairs are lengthy.
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Gasoline crack spreads narrowed for a second day after the government reported U.S. East Coast stockpiles of the motor fuel increased to the highest level in more than a year.
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