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Gulf Coast Diesel Gains Fourth Straight Day on European Demand

Dec. 2 (Bloomberg) -- Gulf Coast diesel strengthened for a fourth day as ships were chartered in the region to carry cargoes to Europe, which is seeing higher demand amid colder weather and an early snowfall.

At least seven vessels have been chartered to load clean products in the U.S. Gulf Coast and travel to Europe since Nov. 25, according to ship-fixture data compiled by Bloomberg. Gasoil and diesel are typically shipped from the U.S. to Europe, while gasoline moves in the opposite direction.

Snowstorms and freezing temperatures have disrupted travel across Europe. In the U.K., the earliest widespread snowfall since 1993 has frozen over roads, disrupting traffic, with freezing weather likely to last until at least Dec. 8, according to private forecaster British Weather Services.

Temperatures in London are expected to drop to minus 4 degrees Celsius (25 Fahrenheit) by Dec. 7 from minus 1 today, according to data by CustomWeather Inc.

The discount for ultra-low-sulfur diesel in the Gulf Coast against heating oil futures traded on the New York Mercantile Exchange narrowed 0.13 cent to 2 cents a gallon at 2:19 p.m., according to data compiled by Bloomberg. Prompt delivery gained 4.88 cents to $2.4332 a gallon.

Exxon Mobil Corp.’s Joliet refinery in Illinois isolated a problem in a boiler late yesterday that resulted in the flaring of gases, said Kevin Allexon, a company spokesman. “Production was minimally impacted and we will be able to meet all customer expectations,” he said.

The discount for conventional, 87-octane gasoline in Chicago held steady at 12.5 cents a gallon.

To contact the reporter on this story: Paul Burkhardt in New York at pburkhardt@bloomberg.net.

To contact the editor responsible for this story: Dan Stets at dstets@bloomberg.net.

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