US Gulf Coast conventional unleaded gasoline jumped 6.98 cents/gal Friday as traders were unwilling to go into the weekend short of barrels because of rising tensions in the Middle East and a strengthening euro.
The outright values for gasoline also were boosted by both a stronger NYMEX October RBOB contract and a higher cash differential.
"The NYMEX jumped due to strength in the the euro and Middle East issues," one trader said, adding that he believes traders were covering shorts before the weekend.
The cash differential for conventional unleaded was up 1.55 cents at the NYMEX October RBOB contract plus 8.8 cents/gal from plus 7.25 cents/gal Thursday.
The NYMEX October RBOB contract was assessed by Platts 5.43 cents/gal higher at $3.0201/gal from $2.9658/gal Thursday. The NYMEX RBOB settle was $3.0156/gal Friday and $2.9622/gal Thursday.
This led to a Platts assessment at $3.1081/gal.
