Bloomberg News

N.Y. Gasoline Gains After Stocks at Lowest Level Since November

July 05, 2012

New York gasoline rose for a fourth day after inventories in the region fell to the lowest level this year.

Stockpiles of the fuel on the East Coast fell 1.75 million barrels to 52.3 million barrels last week, the Energy Department reported. European inventories of the fuel also slipped to the lowest level in almost eight months, decreasing incentives to ship fuel from the continent.

The discount for conventional gasoline to be blended with ethanol, or CBOB, in New York narrowed 0.5 cent to 4.25 cents a gallon versus futures traded on the New York Mercantile Exchange at 2:16 p.m., according to data compiled by Bloomberg. Prompt delivery rose 5.18 cents to $2.7272 a gallon.

East Coast inventories slipped for the third time in four weeks to reach the lowest level since Nov. 11. Gasoline stockpiles in independent storage in Amsterdam-Rotterdam- Antwerp, Europe’s oil-trading hub, dropped 5.6 percent to 588,000 metric tons in the week ended today, according to PJK International BV, a researcher in the Netherlands. That’s the lowest level since Nov. 10.

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


We Almost Lost the Nasdaq
LIMITED-TIME OFFER SUBSCRIBE NOW

(enter your email)
(enter up to 5 email addresses, separated by commas)

Max 250 characters

 
blog comments powered by Disqus