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N.Y. Gasoline Strengthens as Inventories Fall to Two-Month Low

March 28 (Bloomberg) -- New York gasoline gained after a government report showed inventories in the region slipped to the lowest level in two months.

Stockpiles of the motor fuel on the East Coast fell 1.81 million barrels to 58.7 million last week, the least amount since Jan. 6, according to the Energy Department. Gasoline imports dropped 16 percent to 496,000 barrels a day.

The discount for reformulated, 87-octane gasoline in New York Harbor narrowed 0.75 cent to 19.25 cents a gallon versus futures traded on the New York Mercantile Exchange at 12:29 p.m., according to data compiled by Bloomberg. Prompt delivery fell 2.84 cents to $3.1772 a gallon.

The discount for the same fuel in the Gulf Coast fell 1.12 cents to 3.38 cents versus futures.

The discount for conventional, 87-octane gasoline in Chicago held at 6.5 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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