Gasoline in New York Harbor strengthened amid speculation that shipments of the fuel from Europe to the U.S. are set to drop.
Cargoes of the motor fuel will fall to an eight-week low, a Bloomberg News survey showed. Royal Dutch Shell Plc (RDSA) plans to halt units at its Godorf refinery in Germany for maintenance until March 24, making it the fourth plant in the country to carry out shutdowns.
The discount for conventional, 87-octane gasoline in New York Harbor (MOSNY87P) narrowed 1.25 cents to 23.25 a gallon versus futures traded on the New York Mercantile Exchange at 2:26 p.m., according to data compiled by Bloomberg. Prompt delivery gained 2.45 cents to $3.0935 a gallon.
Traders and oil companies booked 10 tankers for the two weeks to March 22 and eight more are likely to be hired, according to the median estimate in a survey yesterday of seven shipbrokers, traders and owners who specialize in transporting gasoline. That’s the fewest since the two weeks begun Jan. 12.
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