Gasoline Prices Rise While Crude Hits The Wall

U.S. West Texas Intermediate crude oil is trading higher on
Friday, but still in a position to close the week lower. In the
meantime, gasoline futures are surging. The catalyst behind the
price action is the possibility of refinery outages on the U.S.
Gulf Coast. The price action clearly demonstrates that traders are
buying refined products such as gasoline and selling crude oil, the
primary feedstock at refineries. This move is known as crack-spread
buying. The latest weather reports from the National Hurricane
Center indicate that tropical storm…

U.S. West Texas Intermediate crude oil is trading higher on
Friday, but still in a position to close the week lower. In the
meantime, gasoline futures are surging. The catalyst behind the
price action is the possibility of refinery outages on the U.S.
Gulf Coast. The price action clearly demonstrates that traders are
buying refined products such as gasoline and selling crude oil, the
primary feedstock at refineries. This move is known as crack-spread
buying. The latest weather reports from the National Hurricane
Center indicate that tropical storm…