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Gulf Gasoline Strengthens as Phillips 66 Carries Out Work

Aug. 6 (Bloomberg) -- U.S. Gulf Coast gasoline strengthened for the first time in four days as Phillips 66 carried out maintenance at its Borger, Texas, refinery.

The discount for conventional, 85-octane gasoline, or CBOB, in the region shrank by 0.75 cent to 22 cents a gallon below contracts traded on the New York Mercantile Exchange at 3:57 p.m., according to data compiled by Bloomberg. Conventional, 87-octane gasoline gained 1 cent to a discount of 12.75 cents.

The differentials narrowed as Phillips said it was performing planned work at its 146,000-barrel-a-day Borger refinery. Rich Johnson, a company spokesman based in Houston, declined to comment on details regarding specific units and duration of work.

The 3-2-1 crack spread on the Gulf Coast, based on West Texas Intermediate, slipped 16 cents to $11.72 a barrel, the lowest since at least September 2012, according to data compiled by Bloomberg.

The same spread based on Light Louisiana Sweet oil dropped for a fourth day to $6.32 a barrel, 51 cents lower than yesterday and the least since July 2.

Ultra-low-sulfur diesel on the Gulf Coast slipped 0.12 cent to a discount of 4 cents a gallon to ULSD futures traded on the Nymex.

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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