Gasoline futures for delivery in New York Harbor climbed past $1.82 per gallon to test early December highs, tracking the broader rise in oil benchamrks just as demand normalizes after the holiday lull. The move was triggered by an abrupt upstream supply shock after a fire at the GTES 4 power station forced Tengizchevroil to halt output at the Tengiz and Korolevskoye fields, cancelling export cargoes and removing sour crude volumes commonly used by refiners to produce gasoline blendstocks. That loss of feedstock pushed benchmark crude higher, raising refinery input costs and allowing gasoline margins to firm. The effect has been magnified by logistics and timing, with regional export chokepoints and seasonal refinery maintenance leaving front month supply more exposed even though total gasoline inventories remain above seasonal norms.
