U.S. Gasoline Jumps Most Since 2008 After Pipeline Blast
- December Nymex contract rises as much as 15% after explosion
- Gasoline traders rush to get tankers for resupply from Europe
Colonial Pipeline Explosion Jolts U.S. Gasoline Prices
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Gasoline in New York jumped the most in almost eight years, and its premium to crude prices soared 60 percent after an explosion and fire in Alabama shut the largest fuel pipeline in the U.S., killing one person and injuring more. Traders rushed to book cargoes from Europe.
December-delivery gasoline rose as much as 15 percent to the highest level for a front-month contract since June after Colonial Pipeline Co., which carries oil products to New York Harbor from the U.S. refining center in Houston, shut mainlines on the pipe for the second time in two months. The fuel’s premium to Brent crude, a theoretical profit margin for many refiners, jumped to as high as $18 a barrel.