Markets are all trading up today due to several news leaks.

Reports of a deal with Mexico to allow the US to start exporting 75,000 bbls a day in its first phase. A reports from the Dow Jones Newswire stated that, “Mexico Export Deal Triggers U.S. Oil’s Largest Gains is Nearly Two Months”

The thought of exporting fuel has been circulating around congress for months but this is the first sign that things may actually be happening. According to a Bloomberg article, “Pemex’s PMI [Mexico’s government regulated Oil Company] unit will import light crude for one year starting in October in exchange for heavy Mexican oil, the company said in an e-mailed statement. The lighter grades will help the nation’s refineries produce cleaner fuels, the company said”.

Crude is showing a $2.50 increase late Wednesday afternoon, up to the upper $45 a barrel range. Do to the increase in demand expected with product headed to Mexico. Increases in the market are solid in Gulf Coast, Chicago and New York Markets.

Chicago got an extra boost in gains today on rumors that both Exxon Mobile and Citgo may have had refinery issues in the Midwest. This on top of several Midwest refineries still operating below 100%.

Chicago CBOB Regular Gas settling in at just under a 12cts Wednesday, an increase to $1.44 a gallon. ULSD is headed up 4cts showing 1.64 a gallon.

This increases in price can’t last long with so many oil rigs and wells just waiting to turn on the faucets to start selling fuel. It’s just a matter of days to see how long the floor will last.