Gulf Gasoline Gains After Motiva Shuts Port Arthur Unit
Gasoline strengthened on the U.S. Gulf Coast after Motiva Enterprises LLC shut a 325,000-barrel-a- day crude unit at its Port Arthur, Texas, refinery.
The crude unit, which is the largest of three at the refinery, shut after a small leak took place at about 2 p.m. yesterday, said Kimberly Windon, a Houston-based spokeswoman for the refinery. The company was attempting to restart the section after it closed for repairs following its May debut.
The most recent startup began Jan. 3, said a person familiar with the situation who asked not to be identified because he is not authorized to speak for the company.
Reformulated gasoline to be blended with ethanol on the Gulf Coast gained 1.5 cents to trade at 8 cents a gallon below futures on the New York Mercantile Exchange at 4:04 p.m. CBOB, or conventional, 85-octane gasoline, rose 2 cents to 13 cents below futures. Ultra-low-sulfur diesel in the region dropped 0.38 cent to a discount of 2.63 cents versus heating oil futures.
Following yesterday’s leak, Motiva’s crude unit was put on circulation, according to the person. When on circulation, the unit is kept running but no oil is processed.
Motiva is a refining and marketing joint venture of Saudi Refining Inc., a subsidiary of Saudi Arabian Oil Co., and Shell Oil Co., a unit of Royal Dutch Shell Plc. (RDS/A)
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