Economic news

Gasoline Shortage on US East Coast Is Latest Fuel Supply Crisis

2022.10.26 15:58




(Bloomberg) — The fuel crisis on America’s East Coast is deepening as terminals running low on diesel are now down on gasoline, too.

“Numerous” terminals are out of gasoline and ethanol over the past 72 hours due to various supply delays, according to distributor TAC Energy. Rallying futures show the reason “is more short squeeze caused by a variety of disruptions in supply, rather than an expectation of strong gasoline demand,” TAC wrote in a note.

The prompt-month gasoline spread surged above 30 cents a gallon on Tuesday in a worrying repeat of the market structure that precipitated the still-unfolding diesel shortage on the East Coast: Prompt deliveries are worth a lot more than longer-term ones, which incentivizes suppliers to sell now instead of building inventory.

Read the QuickTake: What ‘Backwardation’ has to do with the US diesel squeeze

Gasoline stockpiles on the East Coast have dwindled to their lowest seasonal level on a calendar basis since 2007, according to Energy Information Administration data released Wednesday. The US region relies on Europe for gasoline imports, particularly during crunch times. Europe has not been sending as much recently as the continent grapples with its own energy crisis. 

East Coast shortages have worsened at a politically sensitive time: Voting has begun in midterm elections where fuel costs, a major driver of historic inflation, are a top issue for many deciding if Democrats will maintain control of Congress.

©2022 Bloomberg L.P.

 



Source link

Related Articles

Leave a Reply

Back to top button
bitcoin
Bitcoin (BTC) $ 75,650.27 0.30%
vested-xor
Vested XOR (VXOR) $ 3,405.08 99,999.99%
ethereum
Ethereum (ETH) $ 2,877.62 6.91%
tether
Tether (USDT) $ 1.00 0.02%
solana
Solana (SOL) $ 195.22 3.33%
bnb
BNB (BNB) $ 598.13 1.21%
usd-coin
USDC (USDC) $ 0.999545 0.11%
xrp
XRP (XRP) $ 0.552777 1.83%
dogecoin
Dogecoin (DOGE) $ 0.19161 3.14%
staked-ether
Lido Staked Ether (STETH) $ 2,876.94 6.92%
cardano
Cardano (ADA) $ 0.401447 11.47%
tron
TRON (TRX) $ 0.160179 1.60%
the-open-network
Toncoin (TON) $ 4.91 3.40%
wrapped-steth
Wrapped stETH (WSTETH) $ 3,415.25 6.99%
shiba-inu
Shiba Inu (SHIB) $ 0.000019 0.52%
avalanche-2
Avalanche (AVAX) $ 27.38 2.43%
wrapped-bitcoin
Wrapped Bitcoin (WBTC) $ 75,603.26 0.12%
weth
WETH (WETH) $ 2,879.48 6.91%
chainlink
Chainlink (LINK) $ 12.54 3.59%
bitcoin-cash
Bitcoin Cash (BCH) $ 381.36 1.46%
sui
Sui (SUI) $ 2.29 0.31%
polkadot
Polkadot (DOT) $ 4.15 1.79%
leo-token
LEO Token (LEO) $ 6.25 0.30%
usds
USDS (USDS) $ 1.00 0.20%
litecoin
Litecoin (LTC) $ 71.68 1.16%
uniswap
Uniswap (UNI) $ 8.95 4.91%
wrapped-eeth
Wrapped eETH (WEETH) $ 3,024.38 6.79%
near
NEAR Protocol (NEAR) $ 4.23 0.76%
aptos
Aptos (APT) $ 9.75 2.41%
pepe
Pepe (PEPE) $ 0.000011 11.07%
bittensor
Bittensor (TAO) $ 509.22 2.79%
internet-computer
Internet Computer (ICP) $ 7.78 0.98%
fetch-ai
Artificial Superintelligence Alliance (FET) $ 1.40 0.84%
dai
Dai (DAI) $ 0.999666 0.13%
stellar
Stellar (XLM) $ 0.101498 4.71%
monero
Monero (XMR) $ 164.83 1.47%
ethereum-classic
Ethereum Classic (ETC) $ 20.14 3.87%
kaspa
Kaspa (KAS) $ 0.114415 4.54%
ethena-usde
Ethena USDe (USDE) $ 1.00 0.20%
whitebit
WhiteBIT Coin (WBT) $ 19.61 1.37%
aave
Aave (AAVE) $ 183.20 6.33%
polygon-ecosystem-token
POL (ex-MATIC) (POL) $ 0.344524 3.33%
blockstack
Stacks (STX) $ 1.67 2.34%
crypto-com-chain
Cronos (CRO) $ 0.091074 6.29%
okb
OKB (OKB) $ 40.26 2.04%
dogwifcoin
dogwifhat (WIF) $ 2.36 1.80%
first-digital-usd
First Digital USD (FDUSD) $ 0.99377 0.54%
arbitrum
Arbitrum (ARB) $ 0.581736 7.13%
filecoin
Filecoin (FIL) $ 3.76 2.25%
mantle
Mantle (MNT) $ 0.663181 11.42%