Gulf Coast conventional gasoline for prompt delivery weakened for a second day while the fuel was unchanged in New York Harbor.
The discount to April gasoline futures on the New York Mercantile Exchange for Gulf 87-grade gasoline widened 0.5 cent to 18.5 cents a gallon at 3:53 p.m., according to data compiled by Bloomberg. The prompt-delivery price fell 1.44 cents to $3.138 a gallon.
In New York, the fuel held steady at a 23.5-cent discount. There was less trading today because of the American Fuel & Petrochemical Manufacturers conference in San Diego, said Steve Mosby, vice president of ADMO Energy LLC, a supply consultant in Kansas City, Missouri.
Colonial Pipeline Co. plans to expand its Line 3 by 125,000 barrels a day, Dave Doudna, the company’s director of business development and optimization, told reporters at the conference. The first phase would boost capacity 60,000 barrels a day by mid-2013, with a second expansion of 65,000 barrels expected by 2014, he said.
To contact the reporter on this story: Barbara J Powell in Dallas at email@example.com
To contact the editor responsible for this story: Dan Stets at firstname.lastname@example.org