Gasoline Weakens in Gulf Coast on Speculation of Supply Gain
Gasoline weakened in the Gulf of Mexico, the U.S. refining hub, on speculation that inventories of the fuel rose for a fourth week.
Gasoline stockpiles probably gained 500,000 barrels last week, according to a median estimate of 10 analysts in a survey by Bloomberg. Total U.S. inventories of the motor fuel increased to 205 million barrels for the week ended June 29, the Energy Department reported.
The discount for conventional, 87-octane gasoline in the Gulf Coast widened 2.75 cents to 16.63 cents a gallon versus futures traded on the New York Mercantile Exchange at 12:29 p.m., according to data compiled by Bloomberg. Prompt delivery fell 2.66 cents to $2.5941 a gallon.
Exxon Mobil Corp. expected some impact to production at its Beaumont refinery in Texas after emissions, the company said in a filing with the state.
Flint Hills Resources LLC flared gases from its Corpus Christi West refinery in Texas because of equipment failure, according to a filing with the National Response Center.
The differential for conventional, 87-octane gasoline in New York Harbor weakened 0.25 cent to a discount of 1.5 cents.
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