Gulf Coast gasoline strengthened as Phillips 66 (PSX:US) expects to conduct maintenance on its Borger refinery in Texas.
The plant plans to flare gases starting today on equipment associated with a fluid catalytic cracker, according to a filing with state regulators. The work may last through June 11, the filing showed.
The premium for reformulated, 87-octane gasoline, or RBOB, in the Gulf Coast versus futures traded on the New York Mercantile Exchange rose 0.37 cent to 3.5 cents a gallon at 4:18 p.m., according to data compiled by Bloomberg. Prompt delivery fell 5.59 cents to $2.8089 a gallon.
Gasoline inventories in the U.S. probably declined 1 million barrels last week, the median of 11 analyst estimates compiled by Bloomberg News. Stockpiles of heating oil and diesel were unchanged, according to the survey.
The Energy Department is scheduled to report last week’s inventories at 11 a.m. tomorrow in Washington, one day later than usual because of the May 28 U.S. Memorial Day holiday.
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