Bloomberg News

N.Y. Gasoline Strengthens as U.K. Plant Shuts, Imports Decline

June 06, 2012

New York gasoline strengthened after Petroplus Holdings AG began shutting its Coryton U.K. oil refinery and imports to the U.S. East Coast declined.

The plant, for which a buyer couldn’t be found, will be out of production by June 12 or June 13, Russ Ball, an official at the Unite union, said today by phone. Imports of the fuel to the East Coast fell 22,000 barrels to 742,000 barrels a day in the week ended June 1, according to the Energy Department.

The premium for conventional gasoline to be blended with ethanol, or CBOB, in New York Harbor, rose 0.5 cent to 0.88 cent a gallon versus futures traded on the New York Mercantile Exchange. Prompt delivery rose 1.06 cents to $2.6991 a gallon.

Valero Energy Corp. (VLO:US) is returning a hydrocracker at its Port Arthur refinery in Texas to planned rates after it reduced the unit charge June 4, Bill Day, a San Antonio-based spokesman for the company, said in an e-mail.

The premium for reformulated, 87-octane gasoline, or RBOB, in the Gulf Coast held at 5.5 cents a gallon versus futures.

Regular gasoline in Chicago slipped 1 cent to a premium of 19 cents a gallon, the first decline for the fuel at the hub since May 24.

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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Companies Mentioned

  • VLO
    (Valero Energy Corp)
    • $48.37 USD
    • 0.75
    • 1.55%
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