Gasoline rose from a seven-month low amid refinery problems in the Gulf and East Coasts.
Gasoline rose to a three-week high on speculation that Hurricane Irene, a Category 3 storm, may disrupt East Coast refinery production and fuel distribution.
Gasoline fell for the first time in three days on speculation that prices rose too high without confirmation that flooding on the Mississippi River will cut fuel supplies.
Gasoline fluctuated on speculation that gasoline may rebound from its lowest level in more than a week and as equities extended this week’s losses, indicating lower fuel demand.
Gasoline gained the most since July, outperforming heating oil and crude, as U.S. East Coast inventories slipped to a two-year low and imports declined to the lowest level since February 2004.
Heating oil fell the most in three weeks on speculation that U.S. distillate inventories increased last week as higher prices slowed economic growth and reduced fuel demand.
Gasoline fell after a government report showed consumer spending in the U.S. dropped amid a slump in hiring, an indication of weak demand for the motor fuel.
Heating oil for January delivery fell on speculation that it was overvalued after touching the highest level since October 2008 and as a stronger dollar reduced the investment appeal of commodities.
Heating oil surged to the highest level since August 2008 as strikes on Libyan oilfields by forces loyal to Muammar Qaddafi increased concern that disruptions to the country’s crude exports will be lengthy.
Heating oil dropped from a 32-month high as the International Monetary Fund lowered its forecast for economic growth in the U.S., boosting speculation that fuel demand may decline.
"The power failure down in Texas City is giving gasoline a bit of a boost."
- Tom Knight on Sep 23, 2011