Bloomberg News

New York Gasoline Weakens After Refinery Production Increases

November 17, 2011

Nov. 17 (Bloomberg) -- New York gasoline weakened after refinery production increased last week and as Irving Oil Corp. nears the end of scheduled maintenance at its Saint John plant in New Brunswick.

Gasoline production in the U.S. jumped 3.6 percent to 9.14 million barrels a day last week, according to the Energy Department. Irving’s 298,800-barrel-a-day refinery, which exports more than half of its production to states in the Northeast, began a 12-week turnaround Sept. 6, the company said in a statement the same day.

The premium for conventional, 87-octane gasoline in New York Harbor slipped 1.5 cents to 2.75 cents a gallon versus futures traded on the New York Mercantile Exchange at 3:48 p.m., according to data compiled by Bloomberg. Prompt delivery fell 13.52 cents to $2.5346 a gallon.

Imports of the fuel to the East Coast rose 120,000 barrels to 667,000 barrels a day last week, the government said.

Alon USA Energy Inc. has restarted the Krotz Springs refinery in Louisiana and it’s “running well,” Blake Lewis, a spokesman for the company, said in an e-mail yesterday. The plant is “running well,” he said.

The discount versus futures for conventional 87-octane fuel in the Gulf Coast widened 0.5 cent to 7.75 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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