Between Hess' plant closing and scheduled maintenance, the squeeze appears to be on the refining space and wholesale gasoline prices are smashing higher. Along with flares in geopolitical risk (Ankara today and Israel/Syria earlier in the week) driving underlying crude prices, Gas prices (at the pump) are surging - to record highs for the first week of February as per AAA, hitting an all time high of $3.465 for this day [4]and just surpassing last year's price of $3.455; and based on where wholesale prices are (given the lag), we could be seeing $4.00 gas at the pump in the next few weeks.
[5]
as Wholesale Gasoline prices rise at their fastest in almost two years...
[6]
and with Crude prices rising and wholesale gasoline being squeezed, could retail prices push back above $4.00 again?
[7]
Charts: Bloomberg