Gulf Gasoline Slides as Refiners Process Most This Year
Refiners along the Gulf increased runs by 2.7 percent in the week ended May 10 to 8.14 million barrels, the most since Dec. 14, according to U.S. Energy Information Administration data released today. That sent area stockpiles up 1.78 million barrels to 74.4 million.
Operations increased as Valero Energy Corp. (VLO)’s Meraux, Louisiana, plant, and Phillips 66’s Borger, Texas, refinery finished planned work. The two plants can process a combined 281,000 barrels a day, according to data compiled by Bloomberg.
The discount for conventional, 85-octane gasoline, or CBOB, on the Gulf Coast weakened 0.25 cent to 17.5 cents a gallon below New York Mercantile Exchange futures at 12:15 p.m. Reformulated gasoline, or RBOB, was unchanged at a premium of 3.25 cents a gallon, according to data compiled by Bloomberg.
The 3-2-1 crack spread on the Gulf Coast, a rough measure of refining margins based on West Texas Intermediate oil in Cushing, Oklahoma, widened 15 cents to $22.18 a barrel. The same spread for Light Louisiana Sweet oil slid $1.10 to $12.03 a barrel.
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