New York Gasoline Premium Falls on Futures Surge, Cargo Increase
October futures settled at a record 42.19 cents a gallon over November as East Coast inventories were at at four-year low, according to Energy Department data.
Traders and oil companies booked 16 tankers to carry gasoline from Europe to the U.S. for the two weeks to Oct. 10, up seven from last week’s total and the most shipments since Sept. 12, according to Bloomberg surveys of shipbrokers and traders.
The premium for reformulated, 87-octane gasoline in New York Harbor dropped 18.5 cents to 6 cents a gallon versus futures traded on the New York Mercantile Exchange at 3:22 p.m., according to data compiled by Bloomberg. Prompt delivery for the fuel gained 1.27 cents to 3.402 a barrel.
East Coast stocks of reformulated gasoline, or RBOB, dropped to 13.7 million barrels last week, the lowest level since Oct. 3, 2008.
East Coast inventories may rise from a four-year low as Europe increase and as Delta Air Lines Inc.’s Trainer refinery in Pennsylvania starts to produce fuel.
Delta’s Trainer refinery has restarted boilers and is “on schedule” to restart, Trebor Banstetter, a company spokesman, said in an e-mail responding to questions today.
Gulf Coast conventional 87-octane gasoline slipped 3.62 cents to 10.63 cents over November futures.
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