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Gulf Coast gasoline strengthened against New York futures as Phillips 66 (PSX) 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)’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.
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