Bloomberg News

New York Gasoline Gains After PBF Oil Refineries Report Issues

July 06, 2012

New York gasoline rose for a fifth day after PBF Energy Inc. (PBF:US) reported equipment upsets at refineries in New Jersey and Delaware.

The company had a malfunction yesterday at its Paulsboro plant, according to a filing with the New Jersey Department of Environmental Protection. The Delaware City refinery flared gases after a compressor failed, PBF said in a filing yesterday with state regulators.

Conventional gasoline to be blended with ethanol, or CBOB, in New York gained 6.13 cents, rising to a premium of 1.88 cents a gallon versus futures traded on the New York Mercantile Exchange at 2:09 p.m., according to data compiled by Bloomberg. Prompt delivery rose 2.05 cents to $2.7428 a gallon.

East Coast gasoline inventories slipped for the third time in four weeks to the lowest level since Nov. 11, the Energy Department said yesterday. 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 through yesterday, according to PJK International BV, a researcher in the Netherlands. That’s the lowest level since Nov. 10.

The premium for conventional, 87-octane gasoline in the Midwest, or Group 3, rose 0.5 cent to 1.75 cents a gallon over futures. It’s the highest level since Jun. 22.

CVR Energy Inc. (CVI:US) is working to return a unit to service at its Wynnewood refinery in Oklahoma, according to a filing with the National Response Center.

The refinery reported an ongoing release of hydrogen sulfide since July 3 because of unplanned maintenance, the filing showed.

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

  • PBF
    (PBF Energy Inc)
    • $23.92 USD
    • -0.08
    • -0.33%
  • CVI
    (CVR Energy Inc)
    • $44.49 USD
    • -0.24
    • -0.54%
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