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New York Gasoline Drops on Biggest Supply Gain Since June

Reformulated gasoline declined in the New York Harbor spot market after fuel inventories grew by the most since June in the region and as Phillips 66 prepared to start its Bayway refinery.

Stockpiles of motor fuel in the Central Atlantic region, which includes New York Harbor, gained 1.43 million barrels to 23.7 million in the week ended Nov. 16, the biggest jump since June 15, the Energy Department reported today. Phillips 66’s 238,000-barrel-a-day refinery in Linden, New Jersey, is expected to return to normal operations before the end of the month.

Reformulated gasoline to be blended with ethanol declined 1.63 cents to 6.75 cents a gallon over futures on the New York Mercantile Exchange at 2:15 p.m., the third consecutive daily slide. Ultra-low-sulfur diesel fuel was unchanged at 19.75 a gallon over heating oil futures.

Phillips’s Bayway refinery, the largest facility near New York Harbor, was restoring cooling system water pumps on Nov. 19 and was working to bring back steam before returning process units to service, a person familiar with the situation said yesterday.

Hurricane Sandy, which made landfall in southern New Jersey on Oct. 29, primarily damaged electrical equipment at Bayway, the company said in a statement on its website on Nov. 5. Process units at the plant were “in good condition,” the company said.

Conventional, 87-octane gasoline on the U.S. Gulf Coast advanced 0.25 cent to trade at a discount of 14 cents below futures at 1:55 p.m. The region’s inventories fell 2.09 million to 73.9 million last week, the Energy Department said today.

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