New York Harbor Gasoline Weakens as New Jersey Refinery RestartsDan Murtaugh
Gasoline in New York Harbor weakened relative to futures as Phillips 66 completed maintenance at the Bayway refinery in New Jersey.
Reformulated, 84-octane gasoline, or RBOB, fell by 0.63 cent to a premium of 0.75 cent a gallon more than futures on the New York Mercantile Exchange at 1:54 p.m., according to data compiled by Bloomberg.
The 238,000-barrel-a-day refinery, the closest plant to the delivery point for U.S. gasoline and diesel futures, finished planned work today, Dennis Nuss, a Houston-based spokesman for Phillips 66, said by e-mail. The refinery was to shut fuel-gas, isomerization and catalytic cracking units in October, a person familiar with operations said previously.
The Bayway complex operates the largest catalytic cracker in the U.S., according to the company’s website. Catalytic crackers convert heavy vacuum gas oil to lighter, more valuable products, like gasoline and diesel.
The 3-2-1 crack spread in New York, a rough measure of refining margins for gasoline and diesel based on Brent oil in Europe, weakened $1.29 to $6.57 a barrel as of 2:04 p.m., the lowest level since Oct. 30.