Wholesale gasoline prices up along US Gulf Coast

Crude oil prices fell again Thursday, but wholesale prices for gasoline along the US Gulf Coast soared as Hurricane Ike approached Texas, rising to between $4 and $5 per gallon, up from around $3 to $3.50 per gallon on Wednesday.

Retail prices for gasoline, however, remained at $3.671 per gallon on average nationally Thursday, while Nymex October gasoline futures gained almost 9 cents in afternoon trade and were trading up 8 cents to $2.75 per gallon just before the close of floor trade in New York.

The gains in gasoline prices came on worries that Ike could cause major damage to Texas oil refineries, with about 3 million barrels per day of refining capacity in the possible path of the storm, according to one estimate.

West Texas Intermediate crude for October delivery was down $1.93 to $100.65 per barrel on the New York Mercantile Exchange after going as low as $100.10 per barrel, while Brent crude was $1.16 lower at last report to $97.81 per barrel on the Ice Futures Europe exchange in London.

Nymex October heating oil added 1 cent to $2.91 per gallon while October natural gas dropped 14 cents to $7.26 per million British thermal units shortly before the close of floor trade.