Gasoline Outpaces Oil's Gains
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.
The EPA revised the amount of RIN carryover, meaning the amount of carryover credits in the bank, downward from 2.6 to 2.1 billion gallons.
Energy analyst Andy Lipow says this is a "significant" reduction as refiners will likely use most of the RIN credits allotted this year leaving hardly any "in the bank" for 2014.
(Read More: Potential Impact of RINS on Gasoline Prices)
—By CNBC's Sharon Epperson; Follow her on Twitter: @sharon_epperson