The big news is the shut down of the Trans-Alaska Pipeline (TAP) after a leak was discovered. No timetable has been presented for the completion of repairs. Alaskan crude supplies 25% of West Coast needs. It is anticipated that prices will revert to the downward trend once the timetable has been communicated. High inventory levels worldwide and product availability from Alaskan storage are likely to minimize the effects of the pipeline closure.
Today, crude +$1.23, $89.26; gasoline +4.57¢, $2.4588; +7.08¢, $2.5571.
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