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US gasoline futures closed lower on Monday

August 30/2011

(ICIS) -- Gasoline futures closed lower on Monday after east-coast refineries reported few disruptions caused by Hurricane Irene.  Hurricane Irenes expected path passed over six crucial east coast refiners, and some expected to see significant storm surges.


Gasoline settled at USD 2.9064/gal, down 2.82 cents from before the storm on 26 August. Crude, meanwhile, gained USD 1.90/bbl for a settlement of USD 87.27/bbl.


Prices for gasoline futures surged on 25 August as investors expected supply disruptions because of refinery shutdowns and long-term damage. But this was not the case. Instead, at least one refinery remains shut down and two refineries remain at reduced rates following Hurricane Irene's sweep up the US east coast.


Refinery operators took the steps as a precaution to any possible damage or injury that could be caused by the storm.


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