New York Gasoline Gains as Europe Prices Rise to Seven-Week High
New York gasoline strengthened to the largest premium since November after the fuel rose in Europe to a seven-week high as Petroplus Holdings AG shut refineries.
Petroplus said Dec. 30 it will start “temporary economic shutdowns” at its Antwerp plant in Belgium, Petit Couronne refinery in France and Cressier facility in Switzerland in January. The sites can process more than 337,000 barrels of crude a day.
The premium for reformulated, 87-octane gasoline in New York Harbor rose 2.5 cents to a premium of 3.25 cents a gallon over futures traded on the New York Mercantile Exchange at 12:27 p.m., according to data compiled by Bloomberg. It’s the highest premium since Nov. 10. Prompt delivery of the fuel gained 7.72 cents to $2.771 a gallon.
Gasoline imports to the East Coast have declined for three straight weeks through the period ending Dec. 23, according to the Energy Department.
The same fuel in the Gulf Coast (MOSGR87P) held at a 5.75-cent discount to futures.
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