East Coast Gasoline Weakens as Trainer Advances to Planned Rates
Gasoline weakened in New York Harbor as Delta Air Lines Inc. (DAL)’s Trainer refinery returned to service.
The Trainer plant, shut in September 2011 by ConocoPhillips (COP) and purchased by Delta in April, is operating at planned rates, said Trebor Banstetter, a company spokesman in Atlanta. The 185,000-barrel-a-day refinery unit accounts for 16 percent of the East Coast’s capacity, data compiled by Bloomberg show.
The premium for reformulated, 87-octane gasoline dropped 5 cents to 24 cents a barrel over futures on the New York Mercantile Exchange at 3:38 p.m. The gap has narrowed by 23.5 cents since Oct. 1. The prompt-delivery price slumped 10.94 cents to $3.1331 a gallon.
Inventories on the East Coast fell 665,000 barrels to 46.1 million in the week ended Sept. 28, the Energy Department said. That’s the lowest level in almost four years. U.S. gasoline demand slid 1.5 percent to 8.68 million barrels a day in the four weeks ended Sept. 28.
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