Bloomberg News

N.Y. Diesel Strengthens Amid Declining European Inventories

October 24, 2011

Oct. 24 (Bloomberg) -- Diesel in New York strengthened as stocks of gasoil in Europe dropped to the lowest level since December 2008.

Inventories of the fuel slipped to 2.03 million metric tons last week, the lowest level since the same period ending Dec. 24, according to data compiled by Bloomberg.

The premium for ultra-low-sulfur diesel in New York Harbor gained 0.25 cent to 4 cents a gallon versus heating oil futures traded on the New York Mercantile Exchange at 11:53 a.m., according to data compiled by Bloomberg. Prompt delivery rose 3.46 cents to $3.0896 a gallon.

Irving Oil Corp. said production wasn’t affected by a fire at its Saint John refinery in New Brunswick.

“Production was not impacted and operations continue as normal,” Irving Oil said yesterday in a statement.

The premium for reformulated, 87-octane gasoline in New York fell 1.62 cents to 0.88 cent a gallon versus futures. Prompt delivery slipped 0.1 cent to $2.7086 a gallon.

The same fuel in the Gulf Coast slipped 0.5 cent against futures to a discount of 2.5 cents a gallon.

--Editors: Richard Stubbe, 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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