WTI Surges Past $90, US Gas Hits $3.32, Benefiting Exxon Mobil
West Texas Intermediate futures topped $90 per barrel after Kuwait reduced output and the Strait of Hormuz closed, driving US gasoline to $3.32 average and widening crack spreads for Exxon Mobil. The NYSE will pay a $9 million SEC penalty for a January 2023 glitch that halted trading in Exxon shares.
1. Oil Prices Surge Above $90
West Texas Intermediate crude climbed above $90 per barrel for the first time since October 2023 after Kuwait cut production and the Strait of Hormuz closure disrupted shipments. US gasoline averaged $3.32 per gallon on March 6, marking an 11.3% weekly jump, while diesel rose 15.3%, widening refining crack spreads and boosting Exxon Mobil’s margin prospects.
2. NYSE To Pay $9 Million Penalty
The NYSE agreed to a $9 million civil penalty to settle SEC charges over a January 24, 2023, systems error that ran its primary and backup trading platforms simultaneously. The glitch misprocessed opening auctions for 2,824 securities, halted trading in 84 stocks—including Exxon Mobil—for 39 minutes, triggered over 4,000 busted trades and led to $5.77 million in member reimbursements.