Gulf Gasoline Weakens as Pasadena Plant Production Units Return
Gulf Coast gasoline weakened as Pasadena Refining System Inc., a unit of Petroleo Brasileiro SA (PBR), brought back all units at its refinery in Texas and analysts forecast a rise in U.S. inventories of the fuel.
“The refinery is fully operational,” Pasadena Refining said in an e-mailed statement. The 106,500-barrel-a-day plant shut after a fire in a crude unit Sept. 30.
Total U.S. gasoline stocks may rise 1 million barrels to 207 million barrels in the period ending Nov. 4, according to the median forecast of 13 analysts in a Bloomberg survey.
The differential for reformulated, 87-octane gasoline in the Gulf Coast weakened 4.25 cents to a discount of 1.75 cents a gallon versus futures traded on the New York Mercantile Exchange in New York at 1:58 p.m., according to data compiled by Bloomberg. It is the lowest level since Oct. 31. Prompt delivery slipped 5.93 cents to $2.6939 a gallon.
Refinery use is expected to increase 0.35 percentage point to 85.65 percent, according to 10 analysts polled by Bloomberg.
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