Exxon refinery malfunction causes crude oil prices to soar🤨
Gasoline futures jumped after news broke that one of Exxon's refineries will be down for 3-4 weeks due to a failure in some of the gasoline-making catalytic crackers. The squeeze in supply is coming at a time where OPEC+ has already been curtailing production, and has led to crude oil prices to rally to the highest prices since May and breaking its 200d moving average. The pop in gas prices has not gone unnoticed, as demand for TIPS (inflation protected securities) has seen a large jump for 2 days in a row after a long period of stagnation, just as expectations for inflation has eased dramatically since the last couple of soft CPI releases.
