Gasoline and diesel fuel fell in New York Harbor as Hess Corp. prepared to return its Port Reading refinery to normal operations and as diesel demand increased on U.S. East Coast.
Hess said yesterday it expects the 70,000-barrel-a-day Port Reading refinery in New Jersey, which shut Nov. 27 after a power outage, to resume full production by tomorrow. Diesel demand is increasing in the East because of reconstruction following Hurricane Sandy.
Diesel shipments to Europe may fall to the lowest in six weeks as more tankers send the fuel to the East Coast, according to the median estimate in a Bloomberg survey of six ship brokers who specialize in the trade.
Conventional gasoline to be blended with ethanol, or CBOB, declined in New York Harbor by 1.12 cents to trade at a premium of 3.13 cents a gallon against futures on the New York Mercantile Exchange at 1:48 p.m. Ultra-low-sulfur diesel in the region retreated 1 cent to 15 cents over heating oil futures.