U.S. Gulf Coast gasoline strengthened relative to futures in New York after Motiva Enterprises LLC reported an incident at the largest refinery in the region.
Conventional, 85-octane gasoline, or CBOB, gained 0.75 cent to a discount of 15.5 cents a gallon below New York Mercantile Exchange futures at 2:12 p.m. Conventional, 87-octane gasoline also added 0.75 cent, narrowing its discount to 14 cents.
Motiva’s Port Arthur, Texas, refinery report a “process incident” and flaring from an alkylation unit and fluid catalytic cracker, according to a filing with state regulators. The 600,000-barrel-a-day plant halted startup of a unit yesterday after emissions, a notice to the U.S. National Response Center said. Destin Singleton, a spokeswoman for the plant, declined to comment on specific units.
The 3-2-1 crack spread on the Gulf Coast, a rough measure of refining margins for gasoline and diesel based on West Texas Intermediate in Cushing, Oklahoma, added 86 cents to $9.03 a barrel. The same spread based on Light Louisiana Sweet oil gained 46 cents to $6.63 a barrel.
California-blend, or Carbob, gasoline in San Francisco strengthened 1 cent to a premium of 5 cents a gallon over futures at 2:16 p.m. New York time.
California-blend diesel in San Francisco was unchanged at a discount of 2.5 cents a gallon to ultra-low-sulfur diesel futures on the Nymex. The fuel in Los Angeles strengthened by 0.88 cent to a premium of 1.13 cents. Low-sulfur diesel in Portland strengthened by 2 cents to a discount of 2.5 cents.
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