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New York Gasoline Strengthens as European Hub Prices Rebound

May 21 (Bloomberg) -- 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.

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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