Gulf Gasoline Weakens as Exxon Fire Doesn’t Affect Production
Spot gasoline in the Gulf Coast weakened against futures for the first time in six days after Exxon Mobil Corp. (XOM) said a Beaumont refinery fire was in a unit that was shut for maintenance and didn’t affect production.
The blaze yesterday injured 12 contract employees, seven of whom remained in a hospital in Galveston, Texas, today, Rachael Moore, a Fairfax, Virginia-based spokeswoman for the company, said in an e-mail.
The discount for conventional, 85-octane gasoline, or CBOB, in the Gulf widened 1 cent to 13 cents a gallon versus futures on the New York Mercantile Exchange at 1:51 p.m., according to data compiled by Bloomberg.
Reformulated gasoline shrank 3 cents to a premium of 3.5 cents a gallon, while conventional, 87-octane gasoline weakened 3.25 cents to a discount of 9.75 cents a gallon.
Ultra-low-sulfur diesel fuel on the Gulf remained unchanged at 1.5 cents a gallon below Nymex futures.
The 3-2-1 crack spread on the Gulf, a rough measure of refining margins based on West Texas Intermediate in Cushing, Oklahoma, slipped $1.27 to fall to $24.72 a barrel. The same spread for Light Louisiana Sweet oil fell 77 cents to $12.87 a barrel, according to data compiled by Bloomberg.
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