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New York Gasoline Falls as Buckeye Finishes Pipe Repairs

Dec. 18 (Bloomberg) -- Gasoline weakened for the first time in three days in New York Harbor as Buckeye Partners LP resumed normal operations on its 620 pipeline following repairs.

Line 620, which carries about 140,000 barrels a day of refined products from Linden, New Jersey, to Macungie, Pennsylvania, shut Dec. 11 after some 25 gallons of gasoline leaked near Hillsborough, New Jersey. Buckeye said today it installed a temporary repair sleeve along the affected section of the line and plans to make permanent repairs later.

Conventional gasoline to be blended with ethanol, or CBOB, in New York Harbor weakened 0.75 cent to 1.75 cents a gallon above futures traded on the New York Mercantile Exchange at 12:16 p.m. Ultra-low-sulfur diesel in the region was unchanged at a premium of 7.13 cents to heating oil futures.

Stockpiles of motor fuel in the U.S. are forecast to gain 2 million barrels for the week ended Dec. 14, according to the median estimate of 11 economists surveyed by Bloomberg. The Energy Department is scheduled to release its weekly inventory report tomorrow.

To contact the reporter on this story: Christine Harvey in New York at charvey32@bloomberg.net

To contact the editor responsible for this story: Dan Stets at dstets@bloomberg.net

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