Gulf Gasoline Gains Amid Power Failure at Phillips 66 Refinery

Gulf Coast gasoline strengthened against New York futures as Phillips 66 resumed routine operations at the Lake Charles refinery in Louisiana after a power loss.

A partial electrical outage at the 240,000-barrel-a-day plant occurred on June 16, according to a National Response Center filing. Exxon Mobil Corp.’s Beaumont refinery in Texas flared gases because of operating conditions within the plant.

The discount for conventional, 87-octane gasoline in the Gulf Coast narrowed 0.5 cent to 7.88 cents a gallon versus futures traded on the New York Mercantile Exchange at 2:47 p.m., according to data compiled by Bloomberg. Prompt delivery dropped 3.58 cents to $2.5822 a gallon.

The Beaumont refinery can process 345,000 barrels of crude a day. Kathleen Jackson, an Exxon spokeswoman in Beaumont, declined to comment on the incident.

The same gasoline in New York Harbor weakened 0.63 cent to a discount of 3.88 cents a gallon to futures.

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