Midcontinent Gasoline Slumps as Processing Reaches Record High
Midcontinent gasoline weakened for a second day after a government report showed Midwest refineries processed the most crude oil on record last week, indicating increased production of refined products.
Conventional, 87-octane gasoline in the Midcontinent, or Group 3 region, slid 2.75 cents to 42.75 cents a gallon below NYMEX futures at 4:18 p.m., the weakest since reaching a record low on Dec. 3, according to data compiled by Bloomberg. The Group 3 region includes the area north of Tulsa, Oklahoma, to Minnesota and North Dakota.
The discount widened after the U.S. Energy Information Administration reported that Midwest boost crude-oil processing by 142,000 barrels to 3.69 million barrels a day in the week ended Dec. 6, the highest level in data going back to 1992.
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