Trading resumes on NYMEX for gasoline and oil. Prices dive!

EDIT: FOR LATEST UPDATES ON REFINERY DAMAGE/SHUTDOWNS, VISIT THE REFINERY STATUS PAGE

NYMEX opened today at 10:30am, a break from when the exchange usually opens in the evening for electronic/international trading.

At 2:00EDT, gasoline for October delivery was trading down 12-cents/gallon while oil fell below $100/bbl.

I am researching and making calls today for possible damage reports. So far, USMMS is reporting that two oil rigs are floating adrift in the Gulf. Let’s hope it doesn’t get too much worse.

The 12-cent loss is a welcome sign, but it may not make it to your local market. Rack prices is what determines your area’s prices. Hopefully this makes it to the Ferryburg, MI rack (where gas is pumped before it arrives in Grand Rapids stations)

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  1. Sounds good, hopefully all (or most) the refineries fire up without issues. We can deal with rig problems a lot easier than refinery problems.

    We have an allocation number per day and for every 10 days. We are going to be screwed on the 10 day number if they don’t lift the allocation before that.

  2. Sunoco is 5 day. Anyone have fuel please send to West Michigan!!

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