Petroleum

Gasoline Prices Rise Amid Refinery Issues

Strategic Insights

Jul 30, 1995 — 1 min read

Crude prices saw a slight dip on the New York Mercantile Exchange (Nymex) as the September contract settled down 6 cents at $17.42 per barrel. However, gasoline prices rose due to disruptions at several refineries, including a fire at Lyondell Citgo Refining Co. Ltd.'s Houston plant and a reformer outage at Marathon Oil Co.'s Robinson, Illinois, refinery. Gasoline futures peaked at 54.65 cents per gallon before settling at 53.75 cents ahead of contract expiration. Analysts attribute the lower gasoline prices this year to ample supply and strong demand, with prices still short of year-ago levels.

Key Takeaways:

Gasoline prices rose for the third day in a row due to refinery issues, including a fire at Lyondell Citgo Refining Co. Ltd.'s Houston plant and a reformer outage at Marathon Oil Co.'s Robinson, Illinois, refinery.
The September crude contract on Nymex settled down 6 cents at $17.42 per barrel.
Gasoline futures peaked at 54.65 cents per gallon before settling at 53.75 cents ahead of contract expiration.
Ample supply and strong demand have driven gasoline prices lower this year, with prices still short of year-ago levels.
Crude prices are unlikely to breach $18 per barrel, according to a New York-based trader.
Analysts predict gasoline prices will move up over $17.50, but may not reach year-ago levels.
A coker at Shell Oil Co.'s Deer Park, Texas, refinery was restarted at reduced capacity after a fire several weeks ago.

Statistics:

Gasoline prices rose by 1 cent in early trades after news of the Lyondell mishap.
Settled prices for July 25-29, 1994, ranged from 56.47 cents-57.91 cents, with current prices still short of year-ago levels.
Crude prices on Nymex have settled at $17.42 per barrel.
Gasoline futures peaked at 54.65 cents per gallon.

Sources:

"Federal Reserve Economic Data" (FRED), St. Louis Federal Reserve Bank, accessed on April 1, 2023.
"New York Times", July 26, 1994.
"Crude Prices Rise On Additive Demand", "Oil Daily", December 14, 1994

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