Gulf Coast gasoline weakened against futures as Petroleos de Venezuela SA said its Amuay refinery is operating at half of capacity and 80 percent of units have returned to service after an Aug. 25 explosion.
The refinery is processing 360,000 barrels of crude a day out of a capacity of 645,000 barrels and expects to restart a final distillation unit “soon,” Oil Minister Rafael Ramirez told reporters today in Caracas. PDVSA, as the state oil company is known, is also planning to add 80,000 barrels a day of processing to the plant, he said.
The premium for conventional, 87-octane gasoline on the Gulf Coast narrowed 2 cents to 10.25 cents a gallon versus futures traded on the New York Mercantile Exchange at 3:52 p.m. The premium for ultra-low-sulfur diesel on the Gulf Coast trimmed 0.75 cent to 3.20 cents a barrel.
New York Harbor reformulated gasoline’s premium narrowed 0.75 cent to 15 cents a gallon at 3:54 p.m.