Chicago Gasoline Weakens as Supplies Grow After Refinery RestartDan Murtaugh
Gasoline on the spot market in Chicago weakened as supplies of the fuel in the Midwest grew and refineries started units.
Conventional, 85-octane gasoline in Chicago fell 2.25 cents against futures on the New York Mercantile Exchange to a discount of 19 cents a gallon at 2:19 p.m., according to data compiled by Bloomberg. Ultra-low-sulfur diesel in the city gained 0.25 cent to a discount of 3.5 cents a gallon below Nymex diesel futures.
Gasoline supplies in the Midwest grew by 108,000 barrels to 48.5 million in the week ended Nov. 8, the U.S. Energy Information Administration reported today. Distillate stockpiles, including heating oil and diesel, sank to the lowest level since December.
Citgo Petroleum Corp. restarted the atmospheric section of the crude distillation unit Nov. 11 at its 170,500-barrel-a-day Lemont, Illinois, refinery. The area had been shut since an Oct. 23 fire at the vacuum portion of the unit, which remains closed. BP Plc’s Whiting, Indiana, plant, the Midwest’s largest, started a new 102,000-barrel-a-day coker, according to a person familiar with operations.
Mid-Continent, or Group 3, gasoline weakened 2.75 cents to a discount of 32 cents a gallon. Ultra-low-sulfur diesel in the Mid-Continent fell 0.5 cent to a 6.5-cent discount to futures.