Gas Prices - Tomorrow's Gas Price Today

As suggested in Dan McTeague's last Report:

Jan. 27 (Bloomberg) -- Oil headed for a weekly gain as gasoline jumped to the highest level since August and on signs Greece is near an agreement with its creditors. Futures advanced as much as 0.9 percent after gasoline rose on speculation that refinery outages and plant closures will cut supplies. Olli Rehn, the European Union’s commissioner for economic and monetary affairs, said an agreement is “very close” on private-sector involvement in a Greek debt swap.

“The closing of a number of refineries in the Northeast is making people very supply-conscious during a period with weak gasoline demand,” said Peter Beutel, president of trading advisory company Cameronhanover.com in New Canaan, Connecticut. “Expectations that they will put together a Greek deal soon are lifting the entire complex.”

Oil for March delivery rose 29 cents, or 0.3 percent, to $99.99 a barrel at 1:52 p.m. on the New York Mercantile Exchange. Prices have climbed 1.6 percent this week and 17 percent in the past year.

Brent oil for March settlement gained 70 cents, or 0.6 percent, to $111.49 a barrel on the London-based ICE Futures Europe exchange.

Gasoline futures for February delivery advanced 8.23 cents, or 2.9 percent, to $2.9289 a gallon on the Nymex after increasing to $2.9677, the highest level since Aug. 31.

ConocoPhillips has scheduled a shutdown of a catalytic cracker at the 238,000-barrel-a-day Bayway refinery in New Jersey, according to a state regulatory filing. In Illinois, the company’s 380,900-barrel-a-day Wood River refinery reported a wet gas compressor tripped offline yesterday.

In Texas, Royal Dutch Shell Plc reported a “temporary upset” at its 340,000-barrel-a-day refinery in Deer Park today.

Refinery Closures

Two refineries in Pennsylvania have been closed because they weren’t profitable, and Hovensa LLC said last week it will shut the 350,000-barrel-a-day St. Croix refinery in the U.S. Virgin Islands by mid-February.

“The refinery closures are sending gasoline higher, which is helping pulling crude higher as well,” Beutel said. “The prospect of a Greek deal is the primary driver, though.” Gasoline output tumbled 2.8 percent last week to 8.54 million barrels, the least since February 2010, the Energy Department reported Jan. 25. Demand rose for the first time in four weeks, gaining 1.3 percent to 8.1 million barrels a day.

Rehn said at the World Economic Forum in Davos, Switzerland, today that a deal between the Greek government and the private-sector community may come “if not today, then over the weekend.”   
Posted: 27/01/12