Crude oil prices drop but regional wholesale gasoline soars

Crude oil prices fell again Thursday, but wholesale prices for gasoline along the US Gulf Coast soared as Hurricane Ike approached Texas and the three million barrel per day in refining capacity possibly in the storm’s path, rising to between $4 and $5 per gallon, up from around $3 to $3.50 per gallon on Wednesday

Retail prices for gasoline, however, remained at $3.671 per gallon on average nationally Thursday.

West Texas Intermediate crude for October delivery was down $1.93 to $100.65 per barrel on the New York Mercantile Exchange after going as low as $100.10 per barrel, while Brent crude was $1.16 lower at last report to $97.81 per barrel on the Ice Futures Europe exchange in London.

Nymex October gasoline futures gained almost 9 cents in afternoon trade and were trading up 8 cents to $2.75 per gallon just before the close of floor trade in New York while October heating oil added 1 cent to $2.91 per gallon and October natural gas dropped 14 cents to $7.26 per million British thermal units shortly before the close of floor trade.

Precious metals prices were lower in New York.

December gold was down for the ninth session in a row, falling $17.50 to $745 per troy ounce. on gains in the US dollar in relation to the euro, while silver dropped 34 cents to $10.56 per troy ounce.

October platinum hit its lowest price in almost two years at $1,121.10 per troy ounce before gaining back some of its declines to trade $39.80 below Wednesday’s close to $1,152.20 while palladium traded at $225.50 per troy ounce in mid-morning trade.

Among base metals, December copper added 1 cent to trade at $3.12 per pound in New York.

Grains prices were mixed on the Chicago Board of Trade.

CBOT December corn was down 3 cents to $5.33 per bushel while November soybeans dropped 2 cents to $11.76 per bushel but September contracts for soybeans added 34 cents to $12.16 per bushel.

December wheat was up, but just by about half a cent to $7.26 per bushel.

Story link: Crude oil prices drop but regional wholesale gasoline soars