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N.Y. Gasoline Stronger on Seasonal Inventories, Capacity Drop
Spot gasoline in New York strengthened as Hovensa LLC planned to shut older units at its St. Croix refinery in the Virgin Islands.
A 30 percent capacity reduction at the plant to 350,000 barrels a day is scheduled to be completed this quarter, Alex Moorhead, a company spokesman in the U.S. Virgin Islands, said in an e-mailed statement Jan. 26. East Coast inventories of gasoline were at the lowest level for the season in five years, the Energy Department reported the same day.
The premium for conventional, 87-octane gasoline in New York Harbor rose 0.13 cent to 0.88 cent a gallon versus futures traded on the New York Mercantile Exchange at 2:24 p.m., according to data compiled by Bloomberg. Prompt delivery gained 3.57 cents to $2.50 a gallon.
Colonial Pipeline Co., which operates the largest pipeline linking U.S. Gulf Coast refiners and East Coast markets, has frozen nominations for Cycle 8 on its main line carrying gasoline.
The same fuel in the Gulf Coast widened its discount 2.75 cents to 10 cents a gallon. Gasoline at most other hubs east of the Rocky Mountains weakened today.
The same fuel in the Midwest, or Group 3, dropped to a discount versus futures of 1.25 cents a gallon. Regular gasoline in Chicago widened its discount 0.38 cent to 7.5 cents a gallon.
To contact the reporter on this story: Paul Burkhardt in New York at pburkhardt@bloomberg.net.
To contact the editor responsible for this story: Dan Stets at dstets@bloomberg.net.
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