New York gasoline strengthened after a government report showed inventories of the fuel fell to the lowest level in more than a year.
Total gasoline stockpiles on the East Coast dropped 1.78 million barrels to 49.9 million last week, Energy Department data show. It’s the lowest level since April 2011.
The discount for conventional, 87-octane gasoline in New York Harbor narrowed 0.5 cent to 2.75 cents a gallon versus futures traded on the New York Mercantile Exchange at 12:26 p.m., according to data compiled by Bloomberg.
Inventories of reformulated gasoline, or RBOB on the East Coast declined 273,000 barrels to 15.3 million, government data show. The premium versus futures for RBOB at the hub gained 0.12 cent to 8.75 cents a gallon.
RBOB in the Gulf Coast dropped 0.75 cent from a premium versus futures to a discount of 0.25 cent a gallon, the lowest level since July 25.
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