Diesel fuel strengthened in the New York Harbor after an inventory report showed U.S. East Coast distillate supplies slumped for a sixth week, the longest losing streak since November 2011.
Stockpiles of distillates, including heating oil and diesel fuel, dropped 1.31 million barrels to 36.2 million in the week ended Feb. 15, an Energy Information Administration report showed. East Coast refineries operated at 72 percent of capacity during that period, compared with 76 percent a week earlier, according to EIA data compiled by Bloomberg. That’s the lowest since Nov. 23.
Ultra-low-sulfur diesel fuel in the New York Harbor region gained 0.25 cent to trade 10 cents a gallon above heating oil futures on the New York Mercantile Exchange at 12:21 p.m., according to data compiled by Bloomberg. The spread in New York was 3.25 cents above diesel on the Gulf Coast. Reformulated, 84- octane gasoline, or RBOB, was unchanged in New York at 2.25 cents a gallon below futures.
The 3-2-1 crack spread in New York, a measure of refining profitability based on Brent oil in Europe, gained 83 cents to $15.43 a barrel.
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