New York gasoline weakened after imports of the fuel to the region rose to the highest level since January as demand for the cargo is expected to fall.
Total gasoline imports to the East Coast gained 327,000 barrels a day to 934,000 barrels last week, according to Energy Department data. It’s the highest level since Jan. 27.
The premium for reformulated, 87-octane gasoline, or RBOB, in New York Harbor fell 0.5 cent to 8.5 cents a gallon over futures traded on the New York Mercantile Exchange at 11:58 a.m., according to data compiled by Bloomberg. Prompt delivery fell 4.59 cents to $2.6856 a gallon.
The supply of tankers available to haul European gasoline across the Atlantic Ocean is set to increase as U.S. demand for cargoes of the auto fuel slows, a Bloomberg survey showed.
As many as 47 medium range vessels may be available for the voyage over the coming two weeks to July 4, the median estimate of six shipbrokers and owners who specialize in transporting gasoline showed yesterday. That’s an 18 percent increase from the prior two-week period, according to survey data.
The same fuel in the Gulf Coast weakened by 2 cents to a premium of 1 cent a gallon against futures.
A feed interruption caused an upset in the North crude unit and the unit was stabilized, the company said in a filing with the Texas Commission on Environmental Quality.
To contact the reporter on this story: Paul Burkhardt in New York at firstname.lastname@example.org.
To contact the editor responsible for this story: Dan Stets at email@example.com.