Prices gain as storm afterefects linger

摘要

Lagging refinery production in the Gulf coast region as units restart from last month’s winter storm supported the market. Elevated prices in turn limited ex- ports as arbitrages narrowed to the point of becoming unworkable. Gasoline markets began transitioning to more stringent lower-RVP summer grades, lifting prices. The midcontinent continued to draw Gulf coast diesel in- land amid wide domestic price spreads (see graph). But diesel exports have been relatively slow this month as the region’s biggest buyer, Brazil, could not elevate its domestic wholesale value to a level that would attract imports, despite two price hikes in less than two weeks.