U.S. Gulf Coast gasoline weakened versus New York futures after Phillips 66 (PSX) said no planned maintenance is under way at the Borger, Texas, refinery.
The discount for conventional, 85-octane gasoline, or CBOB, slid 0.25 cent to 20.5 cents a gallon below futures on the New York Mercantile Exchange at 10:52 a.m., widening for the first time in five days, according to data compiled by Bloomberg. Conventional, 87-octane gasoline dropped 0.5 cent to a 14.75-cent discount.
Phillips 66’s Borger plant conducted fluid catalytic cracker work in June, the company said. No work was being done as of July 3.
A government report earlier this week showed gasoline stockpiles in the Gulf grew by 1.73 million barrels to 77.9 million in the seven days ended June 28. That’s the second consecutive gain and the highest level since Feb. 8, according to Energy Information Administration data.
The 3-2-1 crack spread on the Gulf, a rough measure of refining margins for gasoline and diesel fuel based on West Texas Intermediate oil in Cushing, Oklahoma, gained 58 cents to $13.97 a barrel. The same spread based on Light Louisiana Sweet oil rose 58 cents to $7.62 a barrel.
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