N.Y. Gasoline Strengthens Amid Canadian Refinery Maintenance
New York gasoline strengthened on speculation repairs at Imperial Oil Ltd. (IMO)’s Dartmouth refinery and a longer-than-expected turnaround at Korea National Oil Corp.’s Come by Chance plant will limit fuel imports.
Imperial started early a turnaround at the Nova Scotia refinery that was planned to begin early this month, after a July 21 power outage shut the plant. A crude unit and an isomax unit at the 115,000-barrel-a-day Newfoundland plant are expected to return to normal operations this week, later than the expected mid-July start.
The discount for conventional gasoline to be blended with ethanol, or CBOB, in New York Harbor, narrowed 0.63 cent to 2.50 cents a gallon versus futures traded on the New York Mercantile Exchange at 1:57 p.m., according to data compiled by Bloomberg. Prompt delivery of the fuel fell 2.48 cents to $2.998 a gallon.
Fuel supplies may arrive in Nova Scotia by vessel to replenish inventories in the province. The Gunhild Kirk, an oil products tanker, left Montreal and is estimated to reach Halifax by Aug. 4, ship-tracking data from AIS Live Ltd. compiled by Bloomberg show.
The Acadian is expected to arrive in Halifax tomorrow, according to the data after loading in Saint John, New Brunswick, where Irving Oil Corp. has a refinery.
The discount for conventional, 87-octane gasoline in Chicago increased 0.25 cent to 3.38 cents a gallon versus futures. The discount narrowed 1.63 cents yesterday after BP Plc shut a crude unit at its Whiting, Indiana, refinery.
BP’s repairs to the unit may last seven to 10 days, according to two people familiar with the plant’s operations.
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