N.Y. Gasoline Weakens After Repairs to Northeast PipelineChristine Harvey
Gasoline in New York harbor weakened for a fourth day after Colonial Pipeline Co. completed repairs to a line that carries products to the U.S. Northeast.
Line 3, from Greensboro, North Carolina, to Linden, New Jersey, resumed normal operation yesterday following pump repairs that resulted in about a day of lost delivery, the company said yesterday in a bulletin to shippers.
The segment can carry 825,000 barrels a day of gasoline and other fuels including diesel. Repairs were initially scheduled for completion last week but were delayed when Colonial found “significant damage” to a pump.
Reformulated gasoline to be blended with ethanol in New York Harbor narrowed 0.25 cent to 3.63 a gallon above futures on the New York Mercantile Exchange as of 2:29 p.m., according to data compiled by Bloomberg. Conventional, 87-octane gasoline weakened 1 cent to 4.38 cents over futures.
Ultra-low-sulfur diesel’s premium narrowed 0.25 cent to 4.13 over heating oil futures, the lowest level since Dec. 31. The same fuel strengthened 0.63 cent to trade at a discount of 2 cents versus futures in the U.S. Gulf Coast. Reformulated, 84-octane gasoline in the region strengthened 3.25 cents to 4.75 cents below futures.
Gulf Coast products advanced after Motiva Enterprises LLC shut a 325,000-barrel-a-day crude unit at its Port Arthur, Texas, refinery. The pipestill shut after a small leak Jan. 6, according to Kimberly Windon, a Houston-based spokeswoman for the plant.