Gulf Gasoline Strengthens as Phillips 66 Carries Out WorkChristine Harvey
U.S. Gulf Coast gasoline strengthened for the first time in four days as Phillips 66 carried out maintenance at its Borger, Texas, refinery.
The discount for conventional, 85-octane gasoline, or CBOB, in the region shrank by 0.75 cent to 22 cents a gallon below contracts traded on the New York Mercantile Exchange at 3:57 p.m., according to data compiled by Bloomberg. Conventional, 87-octane gasoline gained 1 cent to a discount of 12.75 cents.
The differentials narrowed as Phillips said it was performing planned work at its 146,000-barrel-a-day Borger refinery. Rich Johnson, a company spokesman based in Houston, declined to comment on details regarding specific units and duration of work.
The 3-2-1 crack spread on the Gulf Coast, based on West Texas Intermediate, slipped 16 cents to $11.72 a barrel, the lowest since at least September 2012, according to data compiled by Bloomberg.
The same spread based on Light Louisiana Sweet oil dropped for a fourth day to $6.32 a barrel, 51 cents lower than yesterday and the least since July 2.
Ultra-low-sulfur diesel on the Gulf Coast slipped 0.12 cent to a discount of 4 cents a gallon to ULSD futures traded on the Nymex.