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Irving FCC Restart Sends N.Y. Gasoline to One-Week Low

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Aug. 29 (Bloomberg) -- New York spot gasoline dropped to the lowest level against futures in a week as Irving Oil Corp. restarted a unit at its Saint John, New Brunswick, refinery.

The Saint John plant returned a 70,000-barrel-a-day fluid catalytic cracker to service yesterday after an unplanned outage Aug. 23, according to a report by Genscape Inc. The 298,800-barrel-a-day refinery exports over half of its refined products to the U.S. Northeast.

Conventional, 87-octane gasoline in New York weakened 0.25 cent to 0.88 cent a gallon under New York Mercantile Exchange futures at 3:27 p.m., the third consecutive decline. Reformulated, 84-octane gasoline, or RBOB, slid 0.12 cent to a premium of 2.88 cents.

Prices rallied last week after unplanned outages occurred at Irving’s Saint John refinery and Delta Air Lines Inc.’s 185,000-barrel-a-day Trainer, Pennsylvania, plant.

Supplies of gasoline in the region including the New York Harbor, referred to as PADD 1B, slipped 310,000 barrels to a four-week low of 29.9 million barrels in the week ended Aug. 23, a government report showed yesterday.

The spread between RBOB in New York and the Gulf Coast narrowed 0.84 cent to 23 cents a gallon, shrinking from the widest differential since December, according to data compiled by Bloomberg.

The 3-2-1 crack spread in New York, a rough measure of refining margins for gasoline and diesel based on Brent oil in Europe, gained 73 cents to $15.02 a barrel.

The discount for California-blend gasoline, or Carbob, in Los Angeles versus futures traded on the New York Mercantile Exchange was unchanged at 4 cents a gallon, data compiled by Bloomberg at 2:44 p.m. New York time show. The same fuel in San Francisco was unchanged at a discount of 7.5 cents a gallon.

Conventional gasoline in Portland, Oregon, a benchmark for the U.S. Pacific Northwest, held its discount to Nymex futures at 16 cents a gallon.

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