Citgo shutting down

Monday, July 10, 2006, 1:30 PM: New York traders took Friday’s employment report to mean that the economy is slowing, which translates into less demand for gasoline, which means lower prices. I don’t know about the economy, but NYMEX HU prices are below $2.20 today, which has translated into retail prices below $3 all year. You can find gas as low as $2.89 this afternoon. In Standale, though, prices are higher, which appears to be the direct impact of the Citgo station shutting down its pumps. Although prices should fall below $3 everywhere soon, no real clue yet about how this week is going to shake out, price wise.