Spot gasoline in New York Harbor jumped the most since December after Sunoco Inc. (SUN) worked to return units to service at its Marcus Hook refinery in Pennsylvania after a power outage yesterday.
The 194,000-barrel-a-day refinery “momentarily” lost power at 4:19 p.m. local time yesterday, Lynda Rebarchak, a spokeswoman for the southeast regional office of the Pennsylvania Department of Environmental Protection, said in an e-mail. At 8:30 p.m., Sunoco informed the department that “all units were coming back online,” she said.
The discount for conventional 87-octane gasoline in New York narrowed 3.38 cents, the biggest gain since Dec. 1, to 12.25 cents a gallon. Prompt delivery rose 5.21 cents to $2.9233 a gallon.
The power failure occurred when a transmission customer was performing work, Karen Muldoon Geus, a spokeswoman for PECO Energy, a subsidiary of Exelon Corp., said in an e-mail late yesterday.
Premium 93-octane unleaded in the Gulf Coast surged 5.75 cents to a 5-cent premium over futures, after Marathon Oil Corp. shut an alkylation unit at its Texas City, Texas, refinery following a release of hydrofluoric acid March 27. The unit produces alkylate, used to make high-octane gasoline.
The gap between 87-octane and 93-octane fuel widened to 17 cents a gallon, the largest since May 25.
The discount for conventional, 87-octane gasoline in the Gulf Coast narrowed 0.75 cent to 12 cents a gallon versus futures traded on the New York Mercantile Exchange at 4:16 p.m., according to data compiled by Bloomberg. Prompt delivery rose 2.35 cents to $2.9236 a gallon.
To contact the editor responsible for this story: Dan Stets at email@example.com.