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N.Y. Gasoline Weakens as Shipments From Europe Set to Increase

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June 14 (Bloomberg) -- New York gasoline weakened against futures as shipments from Europe are expected to gain.

Twenty-three oil tankers were hired, or are expected to be chartered, in the period to June 27, according to the median estimate in a survey yesterday of seven shipbrokers, traders and owners who specialize in shipping gasoline. That’s up from 17 in the prior two-week period.

Conventional, 87-octane gasoline in New York Harbor slipped 1.13 cents to a discount of 0.25 cent to futures traded on the New York Mercantile Exchange at 11:44 a.m., according to data compiled by Bloomberg. Prompt delivery fell 0.06 cent to $2.6636 a gallon.

Total gasoline imports to the East Coast dropped 18 percent last week to 607,000 barrels a day, according to the Energy Department.

The premium for ultra-low-sulfur diesel at the New York hub held at 9.38 cents versus Nymex heating oil futures.

The discount for conventional, 87-octane gasoline in the Gulf Coast widened 0.87 cents to 10.5 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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