N.Y. Gasoline Weakens With Imports Rising, Stocks at High Levels
New York gasoline weakened as a government report showed imports increased to the highest level in three months and inventories on the East Coast stayed above average.
Imports of the motor fuel to the region rose 231,000 barrels a day, or 43 percent, to 764,000 barrels last week, according to the Energy Department. Stocks of reformulated gasoline are the second-highest on the East Coast in at least a decade for this time of year, the data showed.
The premium for reformulated, 87-octane gasoline in New York Harbor slipped 0.25 cent versus futures traded on the New York Mercantile Exchange at 11:50 a.m., according to data compiled by Bloomberg. Prompt delivery fell 4.09 cents to $2.8323 a gallon.
The differential has held or weakened since May 16 amid realized and potential outages in the Atlantic basin.
Irving Oil Corp. shut a hydrocracker May 29 at the Saint John refinery in New Brunswick, Hillary Stevenson, manager of data integrity at Genscape Inc., an energy information provider, said in a telephone interview yesterday.
Statoil ASA (STL), Norway’s largest oil and natural gas producer, was refused a general exemption from a public workers strike in the country, threatening output at the nation’s largest refinery and possibly offshore production.
The discount for conventional, 87-octane Gulf Coast gasoline versus futures widened 0.62 cent to 11.5 cents a gallon.
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