New York Harbor gasoline weakened versus futures after East Coast inventories advanced to a 14-year seasonal high and refineries processed more crude.
Regional stockpiles of the motor fuel increased 570,000 barrels to 60.6 million barrels a day in the week ended April 19, the highest level for the time of year since 1999, according to Energy Information Administration data compiled by Bloomberg. East Coast refineries processed 1.15 million barrels of crude and other feedstock, up from 1.12 million last week.
Conventional, 85-octane gasoline, or CBOB, in New York Harbor slid 0.75 cent to a discount of 13.25 cents a gallon under New York Mercantile Exchange futures at 1:50 p.m. Reformulated, 84-octane gasoline, or RBOB, was unchanged at a discount of 2.25 cents a gallon.
Gasoline supplies on the U.S. East Coast have climbed 4.8 percent this month as plants including Philadelphia Energy Solutions’ Philadelphia refinery returned from planned maintenance. The increase may also have been aided by area imports of the fuel, which the EIA, the Energy Department’s statistical arm, reported at 592,000 barrels this week, a 2 percent increase.
The 3-2-1 crack spread in New York Harbor, a rough measure of refining margins for gasoline and diesel based on Brent oil in Europe, dropped 22 cents to $14.61 a barrel, a second consecutive decline, according to data compiled by Bloomberg.