Bloomberg News

Gulf Gasoline Gains Amid Power Failure at Phillips 66 Refinery

June 18, 2012

Gulf Coast gasoline strengthened against New York futures as Phillips 66 (PSX:US) resumed routine operations at the Lake Charles refinery in Louisiana after a power loss.

A partial electrical outage at the 240,000-barrel-a-day plant occurred on June 16, according to a National Response Center filing. Exxon Mobil Corp. (XOM:US)’s Beaumont refinery in Texas flared gases because of operating conditions within the plant.

The discount for conventional, 87-octane gasoline in the Gulf Coast narrowed 0.5 cent to 7.88 cents a gallon versus futures traded on the New York Mercantile Exchange at 2:47 p.m., according to data compiled by Bloomberg. Prompt delivery dropped 3.58 cents to $2.5822 a gallon.

The Beaumont refinery can process 345,000 barrels of crude a day. Kathleen Jackson, an Exxon spokeswoman in Beaumont, declined to comment on the incident.

The same gasoline in New York Harbor weakened 0.63 cent to a discount of 3.88 cents a gallon to futures.

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


The Good Business Issue
LIMITED-TIME OFFER SUBSCRIBE NOW

Companies Mentioned

  • PSX
    (Phillips 66)
    • $73.25 USD
    • 1.15
    • 1.57%
  • XOM
    (Exxon Mobil Corp)
    • $93.83 USD
    • 0.05
    • 0.05%
Market data is delayed at least 15 minutes.
 
blog comments powered by Disqus