Gulf Gasoline Falls as Citgo to Valero Finish Maintenance
Gasoline weakened on the Gulf Coast today as Citgo Petroleum Corp. and Valero Energy Corp. (VLO) refineries completed maintenance.
Citgo’s East and West plants in Corpus Christi, which shut units for work on Oct. 1, completed a turnaround and began starting operations on Oct. 20, according to a message on a community hotline. Valero plans to start a hydrocracker and a reformer at its McKee refinery in Sunray, Texas, and expects to release emissions until Oct. 24, after starting a fluid catalytic cracker last week.
The refineries have a combined capacity of 335,000 barrels a day, 3.8 percent of total Gulf Coast capacity, according to data compiled by Bloomberg. Supplies in the region gained 998,000 barrels a day last week to 70.4 million, the highest level since Aug. 10, the Energy Department reported.
The price for conventional gasoline to be blended with ethanol, or CBOB, sank 3.03 cents to trade at a discount of 15.63 cents a barrel over futures on the New York Mercantile Exchange at 11:01 a.m. Prompt delivery dropped by 3.59 cents to $2.5344, a ninth consecutive decline.
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