New York gasoline strengthened to the highest level in more than a year as the fuel in Europe rose to a four-month record, decreasing the incentive to export fuel to the U.S.
Gasoline for immediate loading in Amsterdam-Rotterdam-Antwerp traded at $1,150 a metric ton on the barge market, according to a survey of traders and brokers monitoring the Argus bulletin board. That compares with transactions from $1,124 to $1,138 a ton yesterday and is the most since April 16, according to data compiled by Bloomberg.
The premium for reformulated, 87-octane gasoline in New York Harbor rose 4.88 cents to 22.88 cents a gallon versus futures traded on the New York Mercantile Exchange at 1:44 p.m., according to data compiled by Bloomberg. It is the highest level since Sept. 2, 2011. Prompt delivery rose 9.92 cents to $3.229 a gallon.
Gasoline inventories on the East Coast increased 379,000 barrels to 49.8 million, according to the Energy Department, near the 10-year seasonal low.
The premium for conventional, 87-octane gasoline in the Gulf Coast rose 0.75 cent to 9.5 cents a gallon versus futures.
Phillips 66 plans to shut a crude unit, the only coker and a sulfur recovery unit at its Sweeny refinery in Texas on Jan. 7 for maintenance, according to two people familiar with the work. The units will be down for 35 days, said the people, who asked not to be named because the information isn’t public. The refinery has two crude units.
Petroleos de Venezuela SA will resume normal operations at its 645,000-barrel-a-day Amuay oil refinery in about a week after an Aug. 25 explosion knocked the country’s largest plant offline, said Jesus Luongo, head of refining.