Gasoline rose as U.S. retail sales increased in May and storms in the Midwest caused units to shut at a refinery serving the Chicago area. Crack spreads widened.
Futures advanced as May retail sales rose 0.6 percent, the biggest jump in three months, Commerce Department data showed today. Citgo Petroleum Corp.’s Lemont, Illinois, refinery lost power to production units after a lightning strike yesterday. Pump prices in the Chicago area were $4.399 a gallon, 76.7 cents a gallon above the national average, according to data from AAA, the largest U.S. motoring organization.
“Gasoline got a bounce from the economic data and from Citgo,” said Phil Flynn, senior market analyst at Price Futures Group in Chicago. “The Midwest is like a horror story.”