Bloomberg News

N.Y. Diesel Strengthens on Speculation Inventories Will Decline

February 22, 2012

Feb. 22 (Bloomberg) -- New York diesel prices strengthened amid speculation that supplies of distillate have declined.

Inventories of distillate, a category including diesel fuel, dropped 1.5 million barrels to 142.2 million last week, according to the median estimate of 10 analysts polled by Bloomberg News. The government will release inventory statistics at 11 a.m. tomorrow in Washington.

The premium for ultra-low-sulfur diesel in New York Harbor gained 0.25 cent to 3.88 cents a gallon versus heating oil futures traded on the New York Mercantile Exchange at 3:38 p.m., according to data compiled by Bloomberg. Prompt delivery rose 3.56 cents to $3.3112 a gallon.

Conventional, 87-octane gasoline at the same hub gained 1.13 cents to a premium versus futures of 1.13 cents a gallon. The prompt-delivery price rose 2.88 cents to $3.099 a gallon.

--Editors: Richard Stubbe, David Marino

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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