Crude Prices Hold Gains as Gasoline Supply Ample

Crude prices maintained their momentum on the New York Mercantile Exchange (Nymex) on Friday, despite gasoline prices experiencing profit-taking and a lack of demand. The decision by Wisconsin to drop plans for the reformulated gasoline (RFG) program in three counties contributed to the decline in gasoline prices. Meanwhile, crude contracts on Nymex were stronger, with the May contract reaching a seven-month high before settling at $19.17 per barrel.

Key Takeaways:

• Gasoline prices on Nymex settled down 1.21 cents at 59.47 cents/gallon on the April contract's last day of trading.
• The May contract also weakened, settling down 0.74 cents at 58.23 cents.
• Reports of the Tosco Corp.'s Bayway, N.J., refinery returning to full operation after a two-day shutdown helped soften gasoline prices.
• Cash gasoline prices at New York Harbor fell 2.6 cents to an average 50.95 cents/gallon.
• The May crude contract on Nymex reached a seven-month high of $19.35 per barrel before settling up 2 cents at $19.17.
• West Texas Intermediate (WTI) crude on the cash market rose 2 cents to an average $19.18 per barrel.
• The April heating oil contract on Nymex settled down 0.13 cents at 47.06 cents/gallon on its expiration.
• The May contract settled up 0.12 cents at 47.60 cents/gallon.

Statistics:

• Gasoline prices on Nymex down 1.21 cents at 59.47 cents/gallon on April contract.
• May contract settled down 0.74 cents at 58.23 cents.
• Cash gasoline prices at New York Harbor down 2.6 cents to 50.95 cents/gallon.
• May crude contract reached a seven-month high of $19.35 per barrel.
• WTI crude on cash market up 2 cents to $19.18 per barrel.
• April heating oil contract settled down 0.13 cents at 47.06 cents/gallon.
• May heating oil contract settled up 0.12 cents at 47.60 cents/gallon.

Sources:

• [Report from the New York Mercantile Exchange]
• [Article from a trade publication (NYMEX)]
• [Press release from Wisconsin officials]