N.Y. Gasoline Falls as Europe-U.S. Cargoes Seen ClimbingChristine Harvey
New York Harbor gasoline weakened versus futures as the flow of cargoes from Europe to the U.S. was set to climb.
Twenty-three tankers were chartered to load gasoline in the two weeks to March 13, one more than in the two weeks ended March 6, according to the median estimate in a Feb. 27 survey of seven shipbrokers and traders specializing in the market. The ships, known as medium-range tankers, would be able to carry about 7.2 million barrels, according to the survey.
Reformulated, 84-octane gasoline, or RBOB, in New York Harbor retreated 0.25 cent to 23.5 cents below futures on the New York Mercantile Exchange at 3:45 p.m.
The ships will transport product to the U.S. East Coast, where gasoline supplies grew 264,000 barrels to 59.8 million barrels in the week ended Feb. 22, an Energy Information Administration report showed last week. Imports to the region increased 48,000 barrels to 495,000 barrels during the same period, the EIA said.
“We were surprised at the increase in imports,” and “anticipate a further slight increase over the next two weeks before the full effect of European turnaround season affects flow,” Energy Analytics Group Ltd. said in a note March 3.
The 3-2-1 crack spread in New York Harbor, a measure of refining profitability for gasoline and diesel fuel based on Brent oil in Europe, rose 51 cents to $13.62 a barrel.