Gasoline in New York rallied following a reported outage at Irving Oil Corp.’s Saint John, New Brunswick, refinery, which exports about half of its production to the Northeast market. Futures have jumped 7.9 percent since Sept. 12.
RBOB soared on rumors that a Canadian refiner was in the cash market buying product. Sure enough our refining nightmare continues. That makes three refineries that serve the New York Harbor market have units shut or slowed.
The oil market got heavy as word of a possible story of a Fed exit, which started to permeate the trading floor on Friday. The other issue is oil going down to the Gulf Coast and whether our production boom will overwhelm the refineries.