Bloomberg News

New York Gasoline Weakens Most Since March as Inventories Gain

June 27, 2012

New York gasoline’s premium to futures fell the most since March after inventories of the fuel made to East Coast specifications increased.

Stocks of reformulated gasoline, or RBOB, rose a second week, climbing 537,000 barrels to 17.2 million in the region last week, Energy Department data show.

The premium for RBOB in New York Harbor fell 11 cents to 7 cents a gallon versus futures traded on the New York Mercantile Exchange at 3:58 p.m., according to data compiled by Bloomberg. The differential reached 22 cents on June 22. Prompt delivery fell 13.47 cents to $2.6904 a gallon.

The surplus of tankers available to haul European gasoline across the Atlantic Ocean is poised to increase, a Bloomberg survey showed.

As many as 63 Medium Range vessels may be available for the voyage over the coming two weeks to July 11, the median estimate yesterday of eight shipbrokers, traders and owners who specialize in transporting gasoline showed. That’s the biggest supply in at least a year and a 34 percent surge from the prior two-week period, according to survey data.

The premium for RBOB in the Gulf Coast rose 0.75 cent to 6.75 cents a gallon.

Flint Hills Resources LLC reported flaring at the Corpus Christi West refinery in Texas, according to a community notice.

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


Too Cool for Crisis Management
LIMITED-TIME OFFER SUBSCRIBE NOW
 
blog comments powered by Disqus