Chicago Gasoline Rises to Highest Premium in Year on Plant Work
Chicago gasoline strengthened to its largest premium over futures in a year as several refineries ran below planned rates because of maintenance.
Conventional, 87-octane gasoline in Chicago rose 5.5 cents to 28 cents a barrel above futures on the New York Mercantile Exchange at 2:34 p.m. New York time, according to data compiled by Bloomberg. That’s the largest gap since June 2, 2011.
BP Plc (BP/)’s Whiting, Indiana, refinery, the largest plant servicing the Chicago market, will try this weekend to restart a section of a crude unit that was shut May 31 for unplanned repairs, a person with knowledge of the operations said.
Marathon Petroleum Corp. (MPC) began maintenance at its Robinson, Illinois, refinery, Shane Pochard, a spokesman at the company’s headquarters in Findlay, Ohio, said in an e-mailed statement.
Citgo Petroleum Corp.’s refinery in Lemont, Illinois, shut most of its main production units for maintenance May 1, a person familiar with plant operations said.
Conventional gasoline in the Midwest strengthened 0.75 cent to a premium of 7.5 cents.
The discount for conventional gasoline in the Gulf Coast narrowed 1.5 cents to 8.63 cents a gallon.
Chicago ultra low-sulfur diesel gained 1.5 cents to 20 cents over Nymex heating oil futures, the highest level since November.
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