New York Gasoline Strengthens as Imports Drop
New York gasoline strengthened after imports of the fuel dropped to the lowest level in two months.
Gasoline shipments to the U.S. East Coast slipped 265,000 barrels a day to 596,000 barrels last week, the lowest level since May 18, Energy Department data showed today. Regional inventories of the fuel declined 1.24 million barrels to 52.2 million barrels.
Conventional gasoline to be blended with ethanol, or CBOB, in New York Harbor gained 0.25 cent to a discount of 4.88 cents a gallon versus futures traded on the New York Mercantile Exchange at 12:03 p.m., according to data compiled by Bloomberg. Prompt delivery rose 4.68 cents to $2.8406 a gallon.
Petroleo Brasileiro SA (PETR4)’s Pasadena refinery in Texas was starting units yesterday, following a power failure that forced the plant shut.
The 106,500 barrel-a-day refinery lost power at about 2:30 p.m. local time during a storm, Sophie Gates, a company spokeswoman in Houston, said in a July 17 statement. All units were shut as a result, she said.
The discount for conventional, 87-octane gasoline in the Gulf Coast held at 19.63 cents a gallon versus futures.
The same fuel in Chicago weakened 1 cent a gallon to a discount of 22 cents a gallon. It is the lowest level since April 13.
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