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New York Gasoline Strengthens on East Coast Supply Drop

March 27 (Bloomberg) -- Spot gasoline in New York Harbor strengthened against futures after the Energy Information Administration reported the largest drop in East Coast stockpiles of the fuel since November.

Padd 1 gasoline inventories fell by 1.4 percent to 58.9 million barrels in the week ended March 22, the EIA, the Energy Department’s statistical arm, reported today. It was the third straight decline in regional supplies and the biggest decrease since Nov. 9.

The discount for reformulated, 84-octane gasoline, or RBOB, in New York Harbor narrowed by 1 cent to 23.25 cents a gallon below futures on the New York Mercantile Exchange at 2:08 p.m. New York time, according to data compiled by Bloomberg.

Ultra-low-sulfur diesel in New York weakened by 1.88 cents to a premium of 11.5 cents a gallon above heating oil futures on the Nymex.

Gasoline in Chicago weakened by 4 cents to a discount of 26 cents a gallon below Nymex futures. Gasoline on the Gulf Coast narrowed its discount by 0.25 cent to 21 cents a gallon.

To contact the reporter on this story: Dan Murtaugh in Houston at dmurtaugh@bloomberg.net

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

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