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New York Gasoline Strengthens as Inventories Lowest Since 2008

New York gasoline rose after inventories of gasoline made to East Coast specifications fell to the lowest level in four years and imports declined.

Stocks of reformulated gasoline, or RBOB, in the region dropped 1.91 million barrels to 14.1 million last week, the lowest level since October 2008, an Energy Department report today showed.

The premium for RBOB in New York Harbor gained 0.87 cent to 15.75 cents a gallon versus futures traded on the New York Mercantile Exchange at 12:11 p.m., according to data compiled by Bloomberg. Prompt delivery dropped 4.58 cents to $3.002 a gallon.

Gasoline imports to the East Coast slipped 314,000 barrels to 385,000 barrels a day, according to the Energy Department.

Irving Oil Corp. is conducting planned maintenance at its Saint John refinery in New Brunswick, Lesley Dickson, a company spokeswoman, said.

The work, “within select areas of the refinery” is expected to be completed over the next few weeks and there are no production delays or issues with supply, Dickson said in an e-mail.

The same fuel in the Gulf Coast fell 3.25 cents to 6.25 cents a gallon.

Total gasoline inventories in the Gulf rose for the first time in five weeks, government data showed.

Phillips 66 reported emissions at its Borger refinery in Texas because of an equipment malfunction, a filing with the Texas Commission of Environmental Quality showed.

The refinery has the capacity to process 146,000 barrels per day, according to data compiled by Bloomberg.

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