U.S. Gulf Coast gasoline weakened versus futures for the first time in four days as the summer driving season draws to a close and the transition between summer and winter grade gasoline begins.
Gasoline gained on speculation that unplanned refinery shutdowns and slowdowns will crimp supply as the nation nears the Sept. 2 Labor Day holiday.
Gasoline headed for the first weekly gain in a month as Middle East supply disruptions and violence in Egypt boosted crude and on concern a tropical storm may develop in the Gulf of Mexico.
Ultra-low-sulfur diesel futures advanced, following Brent crude and gasoil higher amid supply disruptions in Africa and the Middle East.
Crude oil shipped by railroad from North Dakota is drawing fresh scrutiny from regulators concerned that the cargo is adding environmental and safety hazards, something that analysts say could raise costs.
Gasoline jumped to a one-week high as Brent crude rose, increasing processing costs for New York Harbor and Gulf Coast refiners using imported oil.
Gasoline slid on concern the highest seasonal inventories in more than two decades will exceed demand for the motor fuel as summer driving season nears an end.
Gasoline rose after six consecutive days of losses as crude oil strengthened after China reported that industrial output expanded faster than anticipated and U.K. exports jumped.
Gasoline fluctuated near a four-week low before the government reports last week’s U.S. inventories.
Gasoline fell to the lowest level in almost four weeks on speculation that refinery restarts will increase supplies and as crude weakened.
"It's bearish because winter grade is easier to make and after the Labor Day holiday, demand starts declining."
- Andy Lipow on Aug 22, 2013