Motiva declared force majeure at four terminals in New York and New Jersey on Oct. 30, the day after Hurricane Sandy went ashore in southern New Jersey. Force majeure allows a supplier to miss deliveries because of circumstances outside its control.
The premium for reformulated gasoline in New York dropped 2 cents to 18 cents a gallon versus futures on the New York Mercantile Exchange at 3:37 p.m. Ultra-low-sulfur diesel in the harbor fell 1.12 cents to trade at a premium of 15.13 cents over heating oil futures.
Refineries including Phillips 66 (PSX)’s Bayway and Hess Corp. (HES)’s Port Reading plants have been shut since Sandy made landfall. Crews are making repairs at Bayway and expect operations to return to normal in two to three weeks, the company said yesterday. Utility systems at Port Reading were back online yesterday.
Eighteen tankers carrying petroleum products are scheduled to make deliveries to New York Harbor over the next three days, Charles Row, a spokesman for the U.S. Coast Guard in Staten Island, New York, said yesterday in an interview.
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