RBOB gasoline futures jumped as much as 1.8 percent in Monday's session to over $2.95 a gallon, outpacing oil's gains. The price surge is likely in response to a recent revision regarding credits that refiners can use to fulfill the federal government's renewable fuels mandate.
This weekend the Environmental Protection Agency updated its website regarding the amount of carryover RINS (renewable identification numbers). RINS are basically credits that refiners can use to meet renewable fuels compliance for 2013 and 2014.
RBOB represents the gasoline sold in the New York harbor spot market.