Spot gasoline on the Gulf Coast weakened to the lowest discount in at least six years amid abundant supplies in the region.
Gasoline stocks on the Gulf Coast, known as PADD 3, increased by 1.1 million barrels last week, the Energy Department reported Dec. 12, bringing inventories in the region to the highest level since February 2011.
Reformulated gasoline on the Gulf Coast declined 1.25 cents to a discount of 30 cents a gallon to futures traded on the New York Mercantile Exchange at 3:41 p.m., the lowest level since at least May 2006.
Ultra-low-sulfur diesel declined 2.5 cents to a discount of 6.25 cents to Nymex heating oil futures, the lowest level since Nov. 12.
Conventional gasoline dropped 1.25 cents to a discount of 33 cents to Nymex futures.