OGJ Newsletter

Market MovementLabor Day belabors gasoline futures pricesThe period prior to and immediately following the US Labor Day holiday was a volatile one for US gasoline futures prices.The volatility began Aug. 25 when the September contract reached a 51/2-month high of $1.12/gal on the New York Mercantile Exchange and culminated with the new near-month October position that plunged Sept. 2 by 8.08¢ to 84.74¢/gal Sept. 2 in the largest single-session price drop in 2 years. That 9-day period began with US gasoline in tight supply after the Aug. 14 electric power failure in the Northeast US and parts of Canada temporarily disrupted operations at four US and five Canadian refineries. Almo...

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