(REUTERS) — U.S. gasoline futures jumped as much as 4 percent while benchmark Brent crude was little changed on Monday as over two-thirds of the East Coast refining sector shut down ahead of Hurricane Sandy.
New York heating oil futures also gained more than 1 percent, touching the highest level relative to U.S. crude oil on record as dealers hedged against the risk of power outages and flooding that could damage refineries for weeks to come. The crack spread, the difference between wholesale petroleum product prices and crude oil prices, touched $45.15 a barrel.
"Markets will be watching for reports of damage to energy infrastructure, notably refineries, post-Sandy given the state of extremely low gasoil inventories as we move into winter season," Deutsche Bank analysts said.
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