Gasoline futures dropped nearly 6% on Wednesday, following the restart of a key refinery and an unexpected increase in U.S. supplies.October West Texas Intermediate crude CLV5, +2.31% shed 71 cents, or 1.8%, to settle at $38.60 a barrel on the New York Mercantile Exchange, after trading as high as $39.86. October Brent crude LCOV5, +2.39% on London’s ICE Futures exchange fell 7 cents, or 0.2%, to $43.14 a barrel.
The biggest moves on Nymex Wednesday, however, came from gasoline futures. September gasoline RBU5, +2.33% dropped 8.4 cents, or 5.8%, to $1.355 a gallon.
September heating oil RBU5, +2.33% fell 1.4 cents, or 1%, to $1.381 a gallon on Nymex.
Adding pressure to gasoline prices, BP BP, +1.27% said late Tuesday that it has restarted a large crude distillation unit at its Whiting, Ind., refinery that had been shut down since Aug. 8 for repair work and that the restart is gradually increasing the refinery’s fuel production.
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