New York Gasoline Strengthens as European Hub Prices Rebound

New York gasoline strengthened as European prices gained for the first time in four days, decreasing the incentive to export to the U.S.

Gasoline barges for loading in the Amsterdam-Rotterdam-Antwerp area changed hands from $1,004 to $1,011 a ton, according to a survey of the Argus Bulletin Board. That compares with a trade on May 18 at $986 a ton, which was the lowest since Jan. 26.

The discount for regular, 87-octane gasoline in New York Harbor narrowed 1.5 cents to 5 cents a gallon versus futures trading on the New York Mercantile Exchange at 12:12 p.m., according to data compiled by Bloomberg. Prompt delivery rose 4.55 cents to $2.87 a gallon.

The same fuel in the Gulf Coast weakened 2.37 cents to 20 cents a gallon below futures.

The premium for ultra-low-sulfur diesel versus heating oil futures in the Gulf also weakened 0.25 cent to 2.13 cents a gallon.

The differential in Chicago for regular, 87-octane gasoline dropped 4.5 cents to 3.5 cents over futures.

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