Breaking News

Australia Raises Almost US$5 Billion as Abbott Sells Medibank in IPO
Tweet TWEET

New York Gasoline Weakens as More Cargoes Expected From Europe

New York gasoline weakened against futures for a fifth day as the number of cargoes sent from Europe was expected to rise, adding to supply.

Gasoline shipments to the U.S. from the continent are set to climb 31 percent over the next two weeks, a Bloomberg survey showed. Traders and oil companies booked 10 tankers for the two weeks to May 3, and 11 more are likely to be hired, according to the median estimate in a survey yesterday of seven shipbrokers, traders and owners.

The discount for conventional gasoline to be blended with ethanol, or CBOB, in New York Harbor widened 0.75 cent to 6.13 cents a gallon versus futures traded on the New York Mercantile Exchange at 2:03 p.m., according to data compiled by Bloomberg. Prompt delivery fell 5.61 cents to $3.9029 a gallon.

Gasoline production may also rise in Europe with Royal Dutch Shell Plc (RDSA) starting units this week following maintenance at its Pernis oil refinery in Rotterdam, Europe’s largest facility.

A platformer and hydrodesulfurization Unit 3 are resuming operations while maintenance on HDS 1 and HDS 2 will begin early next week, according to two people familiar with the work who declining to be identified because they aren’t authorized to speak publicly on the matter.

Regular gasoline in the Gulf Coast widened its discount 0.75 cent to 16.25 cents versus futures.

To contact the reporter on this story: Paul Burkhardt in New York at pburkhardt@bloomberg.net.

To contact the editor responsible for this story: Dan Stets at dstets@bloomberg.net.

Press spacebar to pause and continue. Press esc to stop.

Bloomberg reserves the right to remove comments but is under no obligation to do so, or to explain individual moderation decisions.

Please enable JavaScript to view the comments powered by Disqus.