N.Y. Gasoline Weakens on Cargoes Set to Add to Supplies
Gasoline weakened for the first time in four days in New York as tankers carrying fuel from Europe were set to arrive in the region, adding to supplies.
About 28 gasoline tankers on the Europe-U.S. route were loaded in the two weeks to today, according to the median estimate in a survey of eight shipbrokers and traders specializing in the market. That’s the highest number of bookings since Nov. 21.
Stockpiles in the Central Atlantic region, including New York Harbor, increased to 32.8 million in the week ended Feb. 8, according to the Energy Information Administration. That’s the eighth consecutive weekly advance, the longest string of gains since January 2009, data compiled by Bloomberg showed.
Reformulated, 84-octane gasoline, or RBOB, in the harbor region retreated 0.38 cent to a discount of 2.38 cents a gallon below futures on the New York Mercantile Exchange at 11:54 a.m. Conventional, 87-octane gasoline was unchanged at a premium of 1.38 cents a gallon. Ultra-low-sulfur diesel in the region gained 1.25 cent to 10.5 cents above futures.
There is speculation that more cargoes are headed for the New York region and are carrying mostly alkylates, according to Carl Larry, president of Oil Outlooks & Opinions LLC in Houston. Alkylates are a high-octane component used to blend in gasoline.
The 3-2-1 crack spread in New York, a measure of refining profitability for gasoline and distillates based on Brent oil in Europe, climbed 21.5 cents to $14.62 a barrel at 2:12 p.m.
To contact the reporter on this story: Christine Harvey in New York at firstname.lastname@example.org
To contact the editor responsible for this story: Dan Stets at email@example.com