Chicago gasoline prices jump on strong buying interest

23 November 2011 00:29  [Source: ICIS news]

HOUSTON (ICIS)--Gasoline prices on the spot market in Illinois jumped more than 12 cents on stronger buying, Chicago traders said on Tuesday.

ConocoPhillips' Wood River refinery in Illinois experienced a wet gas compressor trip, which resulted in flaring at the 362,000 bbl/day facility, spot market traders said.

Emissions from the flaring began on Monday and were ongoing on Tuesday.

The event may have sparked spot market buying, traders said.

Chicago unleaded gasoline traded at a discount of 8.5 cents/gal to gasoline futures, compared with 13.5 cents/gal under gasoline futures on Monday. The absolute spot price increased by 12.25 cents/gal for a range of $2.4775-$2.4800/gal.

ConocoPhillips’ media relations did not immediately respond with a comment.

By: Sheena Martin
+1 713 525 2653

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