Gulf Coast Gasoline Weakens Second Day Following Inventory Gain
Gulf Coast gasoline weakened for a second day after a government report showed inventories of the fuel rose.
Total gasoline stockpiles in the region increased 1.28 million barrels last week to 75.1 million, the highest level since December, the Energy Department reported March 21.
The discount for conventional, 87-octane gasoline in the Gulf Coast (MOSGC87P) narrowed 0.75 cent to 14.75 cents a gallon versus April futures traded on the New York Mercantile Exchange at 2:55 p.m., according to data compiled by Bloomberg. Prompt delivery rose 3.94 cents to $3.239 a gallon.
The same fuel in New York Harbor was unchanged at a 10.5 cent discount.
Ultra-low-sulfur diesel was unchanged in New York Harbor at 7.5 cents over Nymex heating oil futures.
CME Group Inc. (CME) may lower the sulfur requirement in the existing Nymex heating oil futures starting in May 2013, the exchange said today. CME said previously it would de-list the contract after April 2013, with an ultra-low-sulfur diesel future taking its place.
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