Gasoline Advances as Shutdowns May Crimp New York Harbor Supply
Futures rose as much as 1.7 percent as Philadelphia Energy Solutions’ refinery idled an alkylation unit, which might affect the fluid catalytic cracker. Korea National Oil Corp.’s Come by Chance refinery in Newfoundland shut units for repair. Irving Oil Corp., an exporter to the U.S. Northeast, has idled multiple units, including two catalytic crackers, at its St. John, New Brunswick, plant, according to Genscape Inc., a Louisville, Kentucky-based energy information provider.
“The alky at Philadelphia Energy Solutions is impacting gas production and, generally, you have to cut back the cat as well,” said Andy Lipow, president of Lipow Oil Associates LLC in Houston. “Irving has been a significant buyer of gasoline for resupply and the cat crackers and the crude units could be down for several weeks.”
August-delivery gasoline rose 3.88 cents, or 1.2 percent, to $3.1486 a gallon at 10:23 a.m. on the New York Mercantile Exchange on trading volume that was 18 percent above the 100-day average for the time of day. Prices touched $3.1632, the highest intraday price since March 15 and are up 0.9 percent this week.
Pump prices, averaged nationwide, rose an 11th consecutive time, gaining 0.3 cent to $3.67 a gallon, Heathrow, Florida-based AAA said today on its website. That’s the highest level since March 22.
Ultra-low-sulfur diesel for August delivery rose 0.72 cent, or 0.2 percent, to $3.1079 a gallon on volume that was 3.6 percent below the 100-day average.
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