Gasoline Futures up on Tighter Northeast Supplies

[AlphaCentauri]

Source: ABC

Gasoline futures gained on Tuesday, as a problem at a refinery in the Caribbean contributed to tight supplies in the heavily populated Northeast and promised to help keep pump prices up heading into the New Year.

Gasoline rose 2.03 cents to $2.3981 a gallon in midday trading on the New York Mercantile Exchange. Crude oil prices climbed as well, adding 35 cents at $89.72 a barrel.

The Hovensa refinery at St. Croix, Virgin Islands, has had trouble restarting a key unit used to process crude oil. It was shut down several weeks ago, and repairs may take another week, according to Cameron Hanover energy consulting agency. The closure tightened supplies at the New York petroleum product hub, although stockpiles remain plentiful in other parts of the country.

Tradition Energy analyst Gene McGillian said there also are reports of ships with fuel cargoes arriving late, which also helps support gasoline prices.



Read more: http://abcnews.go.com/Business/wireStory?id=12450843&tqkw=&tqshow=

[Renew Deal]

1. It's been cold up here for a few weeks too.

I bet that will drive prices up.