N.Y. Gasoline Weakens as Shipments From Europe Set to Increase

New York gasoline weakened against futures as shipments from Europe are expected to gain.

Twenty-three oil tankers were hired, or are expected to be chartered, in the period to June 27, according to the median estimate in a survey yesterday of seven shipbrokers, traders and owners who specialize in shipping gasoline. That’s up from 17 in the prior two-week period.

Conventional, 87-octane gasoline in New York Harbor slipped 1.13 cents to a discount of 0.25 cent to futures traded on the New York Mercantile Exchange at 11:44 a.m., according to data compiled by Bloomberg. Prompt delivery fell 0.06 cent to $2.6636 a gallon.

Total gasoline imports to the East Coast dropped 18 percent last week to 607,000 barrels a day, according to the Energy Department.

The premium for ultra-low-sulfur diesel at the New York hub held at 9.38 cents versus Nymex heating oil futures.

The discount for conventional, 87-octane gasoline in the Gulf Coast widened 0.87 cents to 10.5 cents a gallon.

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.