Gulf Gasoline, Diesel Strengthen After Citgo Plant Power Failure

Gasoline and diesel in the U.S. Gulf Coast strengthened after Citgo Petroleum Corp.’s Corpus Christi East refinery reported a power failure.

The plant had power restored after a failure last night, Citgo said in an e-mailed statement. The East and West plants on the Gulf of Mexico operate as separate components of a single refinery with a capacity of 165,000 barrels a day.

The discount for conventional, 87-octane gasoline in the Gulf Coast narrowed 0.12 cent to 18.13 cents a gallon versus futures traded on the New York Mercantile Exchange at 11:09 a.m., according to data compiled by Bloomberg. It’s the first gain in three days. Prompt delivery gained 1.84 cents to $2.652 a gallon.

The premium for ultra-low-sulfur diesel at the hub versus heating oil futures rose 0.38 cent to 7.13 cents a gallon.

Phillips 66 (PSX) completed maintenance at the Sweeny refinery in Texas, Rich Johnson, a Houston-based spokesman, said in an e- mail.

The 247,000-barrel-a-day plant reported emissions from a coker and fluid catalytic cracker No. 3 on July 11, according to a filing with the Texas Commission on Environmental Quality.

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.