Oil prices are rising on hopes that Hurricane Jose will not do any damage to East Coast refiners that are running hot and heavy to make up for lost supply from Gulf Coast refiners that were hit hard by Hurricane Harvey. Refiners are already having success with getting gasoline prices to fall but there is more work ahead of them.
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.