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Fuel Oil News, July, 2001
The month started with a report of a refinery anag. Consequently, gasoline prices continued their spectacular, almost uninterrupted advance, carrying heating oil along This illustrates the major cause behind the current run-up in pricea: The lack of refining capacity. Against the backdrop of historically low inventories and relentless demand, this problem had to catch up with the market sooner than later. In fact, for the first half of the month traders were expecting this issue would be addressed when President Bush unveiled his energy initiatives. One element that seemed sure to win approval was an initiative to have one national standard for RFG gasoline. Speculation about this issue and some disappointing inventory reports caused prices to slump a bit towards the...
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