U.S. Northeast Fuels Weaken as Delta Refinery Restarts UnitChristine Harvey
Spot gasoline and diesel fuel weakened in the U.S. Northeast relative to futures in New York as Delta Air Lines Inc. returned a unit to planned rates at a Pennsylvania refinery.
Conventional, 84-octane gasoline, or RBOB, in New York slipped 0.25 cent to 0.75 cent a gallon above futures on the New York Mercantile Exchange at 3:28 p.m. Ultra-low-sulfur diesel fell 0.13 cent to reach parity with futures after yesterday climbing to a premium of 0.13 cent.
Delta, the only airline operating a U.S. refinery, restarted a fluid catalytic cracker at the 185,000-barrel-a-day Trainer refinery after shutting the unit Oct. 18 for unplanned maintenance. An FCC remains shut at Irving Oil Corp.’s Saint John refinery in New Brunswick.
The 3-2-1 crack spread in New York, a measure of refining margins for gasoline and diesel based on Brent oil in Europe, gained 35 cents to $6.51 a barrel, a second consecutive advance, according to data compiled by Bloomberg. The spread on the Gulf Coast, based on West Texas Intermediate in Cushing, Oklahoma, dropped $1.66 to $10.66 a barrel.
Conventional, 87-octane gasoline on the Gulf added 0.75 cent to 20.75 cents a gallon under Nymex futures, ending a four-day decline, according to data compiled by Bloomberg.