Bloomberg News

N.Y. Jet Fuel at 4-Week High as Conoco Idles Trainer Refinery

September 29, 2011

Sept. 29 (Bloomberg) -- Jet fuel in New York strengthened to the highest level in four weeks as ConocoPhillips idled its Trainer, Pennsylvania refinery.

Conoco expects processing activities to stop at the plant by the end of the week, Rich Johnson, a company spokesman, said in an e-mail yesterday. The refinery can produce 65,000 barrels a day of diesel, heating oil and jet fuel, according to the company’s website.

The premium for jet fuel in New York Harbor versus heating oil futures traded on the New York Mercantile Exchange rose 1.75 cents to 9 cents at 1:50 p.m., according to data compiled by Bloomberg. It’s the highest level since Sept. 1. Prompt delivery gained 3.1 cents to $2.9219 a gallon.

Conventional, 87-octane gasoline at the same hub strengthened 1.63 cents to a premium of 4.63 cents a gallon. Prompt delivery rose 2.31 cents to $2.7038 a gallon.

Conoco will permanently close the Trainer plant in six months if no buyer is found, the Houston-based company said on Sept. 27.

Marathon Petroleum Corp. will shut an alkylation unit at its Catlettsburg refinery in Kentucky Oct. 1 until Nov. 21 for planned work, according to a filing with state regulators. Sulfur recovery unit No. 1 will shut from Oct. 4 to Nov. 4, according to the filing.

The discount for regular gasoline in the Midwest, or Group 3, narrowed 1 cent to 1.5 cents a gallon.

--Editors: David Marino, Richard Stubbe

To contact the reporter on this story: Paul Burkhardt in New York at pburkhardt@bloomberg.net.

To contact the editor responsible for this story: Dan Stets at dstets@bloomberg.net.


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