The outright price for Gulf Coast conventional gasoline hit six-year lows Friday on continued weakness in the cash gasoline and oil futures markets. Conventional gasoline with 13.5 RVP slid 4.09 cents from Thursday to be assessed at $1.1274/gal, or the NYMEX December RBOB futures contract minus 11.50 cents/gal. Conventional gasoline was last assessed lower in February 2009. Gulf Coast gasoline prices lost considerable ground in the first four days of the week, and a well-offered market Friday only compounded the week’s declines, trading sources said. Market liquidity was relatively low during early trading Friday, but sources reported seeing more offers in the market, which drove values lower. Traded values rebounded somewhat in the afternoon, as market sources said they considered the market to have been “oversold” in the morning, but the mild recovery was not enough to counteract the drop in the underlying NYMEX December RBOB futures contract. Much […]