Bloomberg News

Gasoline Weakens in Gulf Coast on Speculation of Supply Gain

July 10, 2012

Gasoline weakened in the Gulf of Mexico, the U.S. refining hub, on speculation that inventories of the fuel rose for a fourth week.

Gasoline stockpiles probably gained 500,000 barrels last week, according to a median estimate of 10 analysts in a survey by Bloomberg. Total U.S. inventories of the motor fuel increased to 205 million barrels for the week ended June 29, the Energy Department reported.

The discount for conventional, 87-octane gasoline in the Gulf Coast widened 2.75 cents to 16.63 cents a gallon versus futures traded on the New York Mercantile Exchange at 12:29 p.m., according to data compiled by Bloomberg. Prompt delivery fell 2.66 cents to $2.5941 a gallon.

Exxon Mobil Corp. expected some impact to production at its Beaumont refinery in Texas after emissions, the company said in a filing with the state.

Flint Hills Resources LLC flared gases from its Corpus Christi West refinery in Texas because of equipment failure, according to a filing with the National Response Center.

The differential for conventional, 87-octane gasoline in New York Harbor weakened 0.25 cent to a discount of 1.5 cents.

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.


Soul Searcher
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