Bloomberg News

New York Gasoline Gains as Hess Plans to Shut Catalytic Cracker

February 02, 2012

Feb. 2 (Bloomberg) -- Gasoline in New York Harbor strengthened as Hess Corp. scheduled the shutdown of a catalytic cracker tomorrow for maintenance at its Port Reading refinery in New Jersey.

The duration of repairs at the 70,000-barrel-a-day plant won’t be known until after the unit is halted, the company said in an e-mailed statement today.

The premium for conventional, 87-octane gasoline in New York Harbor strengthened 0.25 cent to 1.88 cents a gallon versus futures traded on the New York Mercantile Exchange at 1:46 p.m., according to data compiled by Bloomberg. Prompt delivery fell 4.56 cents to $2.8629 a gallon.

The premium for ultra-low-sulfur diesel at the hub weakened 0.5 cent to 1.75 cents a gallon versus heating oil futures as European gasoil inventories rose. Prompt delivery slipped 1.7 cents to $3.051 a gallon.

Gasoil stockpiles, including heating oil and diesel, in independent storage in Europe’s oil-trading hub gained for a third week to the highest level in more than five months, according to PJK International BV.

Gasoil inventories in Amsterdam-Rotterdam-Antwerp increased 4.8 percent to 2.54 million metric tons in the week to today, according to PJK, a researcher in the Netherlands. That’s the most since July 14.

The Netherlands was the biggest importer of distillate fuel from the U.S. in 2010, taking in 115,000 barrels a day, according to the U.S. Energy Information Agency.

--Editors: Charlotte Porter, Margot Habiby

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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