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Gulf Gasoline Gains Amid Power Failure at Phillips 66 Refinery

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June 18 (Bloomberg) -- 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.

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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