Gulf Gasoline Gains After BP Shuts Texas City Oil Refinery Unit
Gulf Coast gasoline strengthened after BP Plc (BP) shut a fluid catalytic cracker at its Texas City, Texas, refinery.
BP shut the No. 1 FCCU yesterday after an electrostatic precipitator stack tripped due to the loss of a blower, according to a filing with state regulators.
The discount for reformulated, 87-octane gasoline on the Gulf Coast narrowed 1.25 cents to 2 cents a gallon versus futures traded on the New York Mercantile Exchange at 4:08 p.m., according to data compiled by Bloomberg. Prompt delivery gained 8.03 cents to $3.0446 a gallon.
The same fuel strengthened on the East Coast after Irving Oil Corp. suffered a power failure at its Saint John refinery in New Brunswick. The outage at about 11:30 a.m. local time affected several units at the plant, Jennifer Graham, a spokeswoman for the New Brunswick Department of the Environment, said in an e-mail.
Reformulated gasoline in New York Harbor increased 3.5 cents to a premium to futures of 8 cents a gallon. It’s the highest level since May 12.
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