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Old 02-06-2009, 09:15 AM
 
1,954 posts, read 4,936,432 times
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Normally I follow this stuff a little better, but I've taken a break for a while. I just looked at the NYMEX site and saw that crude is currently trading for $39.74 and gasoline for $1.247. Anybody know what's up with gasoline? Wasn't it trading at $0.8-$1.00 at these crude levels back in December?
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Old 02-06-2009, 09:40 AM
 
Location: Great State of Texas
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OPEC cut back production..twice now I believe to drive the price back up.
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Old 02-06-2009, 10:01 AM
 
Location: WA
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The spread between crude and gasoline is pretty high (the high price is not coming from crude costs) indicating that gasoline prices are being driven from the refining / distribution area. Refiners were losing for awhile with the drop to very low prices so maybe capacity has been taken off line to help raise the price and allow refinery maintenance while prices are not terribly lucrative.
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Old 02-06-2009, 10:30 AM
 
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Producers have re-adjusted (lowered) supply to meet demand. Market correcting itself.
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