Refiners say concessions offered by the U.S. Environmental Protection Agency in an order issued today to reduce smog-producing sulfur in gasoline aren’t enough and the rule will still result in higher prices for consumers.
The oil market cheered GDP as it already was supported by old man winter. Led by heating oil and gas increases on refinery glitches and winter woes, WTI gained as the emerging market challenged the Brent crude contract.
Oil prices are mixed in early morning trading after strong across the board gains on Tuesday. Last night’s API oil inventory report showed builds in crude oil and gasoline with distillate fuel declining on the back of a cold weather reporting week.