New York gasoline strengthened as prices for the motor fuel in Europe gained to a record and U.S. inventories are expected to decline.
Eurobob gasoline for immediate loading in Amsterdam- Rotterdam-Antwerp traded at $1,220 a metric ton, according to a survey of brokers and traders monitoring the Argus Bulletin Board. Total U.S. gasoline inventories probably dropped last week to a 13-week low, according to the median estimate of 11 analysts in a survey by Bloomberg News.
The premium for conventional gasoline to be blended with ethanol, or CBOB, in New York Harbor increased 1.75 cents to 7.75 cents a gallon on the New York Mercantile Exchange at 12:03 p.m., according to data compiled by Bloomberg. That’s the largest gap since Oct. 13.
The Eurobob trade is the highest price for the grade, which was introduced in 2010, according to data compiled by Bloomberg.
Total gasoline imports to the U.S. East Coast dropped 16 percent from a week earlier to 496,000 barrels a day in the seven days ended March 23, Energy Department data show. It’s the lowest level for this time of year in at least a decade.
The discount for conventional, 87-octane gasoline in the Gulf Coast widened 1.12 cents to 11 cents a gallon.
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