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Gulf Coast Gasoline, Diesel, Strengthen After Refinery Issues

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Aug. 17 (Bloomberg) -- Gulf Coast gasoline and diesel rose after refineries reported maintenance and an electrical interruption, raising speculation that production may be slowed.

Petroleo Brasileiro SA’s Pasadena refinery in Texas shut a crude unit for “corrective” maintenance through Aug. 19, Sophie Gates, a company spokeswoman in Houston, said in an e-mail yesterday. Exxon Mobil Corp. expects production at its Beaumont, Texas, refinery to be affected after a power failure caused multiple unit upsets, Kathleen Jackson, a Beaumont-based spokeswoman for Exxon, said in an e-mail yesterday.

The discount for conventional, 87-octane gasoline in the Gulf Coast narrowed 2.25 cents to 13 cents a gallon versus futures traded on the New York Mercantile Exchange at 1:57 p.m., according to data compiled by Bloomberg. Prompt delivery fell 2.11 cents to $2.9096 a gallon.

The premium for ultra-low-sulfur diesel at the hub rose 0.32 cent to 8.25 a gallon versus Nymex heating oil futures.

Power has been restored and the 345,000-barrel-per-day Beaumont plant is resuming normal operations, Jackson said. She didn’t immediately respond to questions in an e-mail today about whether operations were fully restored at the plant.

The discount for conventional gasoline to be blended with ethanol, or CBOB, in New York Harbor, narrowed 1 cent to 1.13 cents a gallon.

Hess Corp. reported an emissions violation at its Port Reading refinery in New Jersey, according to a filing with state regulators.

The violation was because of a “non-operational” malfunction, the filing yesterday showed.

The 70,000-barrel-a-day plant is conducting minor maintenance that has no impact on operations, the company said in an e-mailed statement.

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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