Bloomberg News

Gulf Coast Oil Products Strengthen After Pasadena Refinery Shut

October 03, 2011

Oct. 3 (Bloomberg) -- Gulf Coast gasoline and diesel rose after Pasadena Refining System Inc., a unit of Petroleo Brasileiro SA, shut its entire 106,500-barrel-a-day refinery in Pasadena, Texas, after a fire.

The blaze started in the distillation section of the plant, Ciro Ribeiro, a spokesman for the company, said in an e-mail on Sept. 30. Ribeiro said he was checking on the status of the plant today.

The premium for conventional, 87-octane gasoline in the Gulf Coast strengthened 1.25 cents to 1.75 cents a gallon versus futures traded on the New York Mercantile Exchange 11:16 a.m., according to data compiled by Bloomberg. Prompt delivery slipped 0.13 cents to $2.5418 a gallon.

The premium for ultra-low-sulfur diesel versus heating oil futures at the hub strengthened 0.87 cent to 3.25 cents a gallon. It’s the highest premium since July 28.

--Editors: Bill Banker, Charlotte Porter

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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