Bloomberg News

Gulf Coast Gasoline Weakens as BP Starts Texas City Ultracracker

February 24, 2012

Feb. 24 (Bloomberg) -- Gulf Coast gasoline weakened as BP Plc started an ultracracker at the Texas City refinery in Texas.

“The ultracracker will resume normal operations,” BP said in a filing with the Texas Commission on Environmental Quality. The event was scheduled to begin today and last through Feb. 27.

The discount for conventional, 87-octane gasoline in the Gulf Coast widened 0.37 cent to 16 cents a gallon versus futures traded on the New York Mercantile Exchange at 2:04 p.m., according to data compiled by Bloomberg. Prompt delivery rose 2.68 cents to $3.1586 a gallon.

BP’s Texas City refinery can process 475,000 barrels of oil a day, according to data compiled by Bloomberg.

Citgo Petroleum Corp. extinguished a small fire today at the Corpus Christi East refinery in Texas, according to a company statement. There was no disruption to the unit and no damage to equipment, Citgo said.

Conventional, 87-octane gasoline in New York Harbor narrowed its premium 0.88 cent versus futures.

Gasoline stockpiles in Padd 1, the U.S. East Coast, rose 2.19 million barrels to 64.1 million barrels last week, according to the Energy Department. It’s the highest level since February 2011.

--Editors: Richard Stubbe, 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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