Bloomberg News

N.Y. Gasoline Strengthens With Lower European Imports Expected

March 15, 2012

New York gasoline rose as shipments of the fuel from Europe to the U.S. are set to plunge to the lowest level since August over the next two weeks, a Bloomberg News survey showed.

Traders and oil companies booked or probably will hire 16 ships up to March 29, according to the median estimate in a survey yesterday of seven shipbrokers, traders and owners who specialize in shipping the auto fuel. That’s two tankers fewer than in the two weeks to March 22.

The discount for conventional, 87-octane gasoline in New York Harbor (MOSNY87P) narrowed 1 cent to 22.5 cents a gallon versus futures traded on the New York Mercantile Exchange at 3:47 p.m., according to data compiled by Bloomberg. Prompt delivery slipped 4.85 cents a gallon to $3.0635 a gallon.

A process upset related to a sulfur recovery unit at Valero Energy Corp. (VLO)’s Corpus Christi East plant didn’t affect production, according to a company spokesman.

The discount for Gulf Coast (MOSGC87P) gasoline narrowed 0.37 cent to 17.13 cents a gallon. The prompt-delivery price fell 5.47 cents to $3.1173.

The plant reported “a brief upset” at the unit, which captures and holds sulfur removed from fuels, Bill Day, a spokesman at the company’s headquarters in San Antonio, said in an e-mail yesterday.

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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