Gulf Gasoline Strengthens After Unit Upset at Total Port Arthur

U.S. Gulf Coast gasoline strengthened for the first time in four days after Total SA reported a unit upset at its Port Arthur, Texas, refinery.

Conventional, 85-octane gasoline, or CBOB, on the Gulf Coast added 3 cents to 24.5 cents a gallon below New York Mercantile Exchange futures at 3:36 p.m., the biggest increase since Nov. 20, according to data compiled by Bloomberg. Conventional, 87-octane gasoline climbed 3.25 cents to a discount of 22 cents a gallon.

Differentials rallied after a Texas regulator reported that Total SA’s 174,000-barrel-a-day Port Arthur refinery had an upset at “Unit 860.” A separate report showed that the refinery had a release from temporary piping that was put in place during equipment maintenance.

Ultra-low-sulfur diesel rose 0.78 cent to 7.75 cents a gallon below Nymex futures, the strongest since Nov. 12, according to data compiled by Bloomberg.

The 3-2-1 crack spread on the Gulf, a rough measure of refining margins based on West Texas Intermediate oil in Cushing, Oklahoma, added $1.63 to $10.74 a barrel. The same spread, based on Light Louisiana Sweet oil, the Gulf Coast benchmark, climbed $1.63 to $6.29 a barrel, according to data compiled by Bloomberg.

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