WTI crude jumps
Crude prices are sharply higher. WTI is up $1.30 to $47.23.
Part of the story here is gasoline, with prices up 11% on reports that Exxon's massive Beaumont refinery could be down for two weeks. With Labor Day also coming Monday, demand is also high and as a result, gas prices are at a two-year high.
Other refineries are also shutdown while some are coming back online. Month end flows are also a factor.
The US is also releasing 500,000 barrels from the SPR, which is bearish but prices are telling a different story.
On the month, WTI is set to fall nearly 7% but prices are up almost 3% today.
