Bloomberg News

Gulf Gasoline, Diesel Strengthen After Citgo Plant Power Failure

July 16, 2012

Gasoline and diesel in the U.S. Gulf Coast strengthened after Citgo Petroleum Corp.’s Corpus Christi East refinery reported a power failure.

The plant had power restored after a failure last night, Citgo said in an e-mailed statement. The East and West plants on the Gulf of Mexico operate as separate components of a single refinery with a capacity of 165,000 barrels a day.

The discount for conventional, 87-octane gasoline in the Gulf Coast narrowed 0.12 cent to 18.13 cents a gallon versus futures traded on the New York Mercantile Exchange at 11:09 a.m., according to data compiled by Bloomberg. It’s the first gain in three days. Prompt delivery gained 1.84 cents to $2.652 a gallon.

The premium for ultra-low-sulfur diesel at the hub versus heating oil futures rose 0.38 cent to 7.13 cents a gallon.

Phillips 66 (PSX:US) completed maintenance at the Sweeny refinery in Texas, Rich Johnson, a Houston-based spokesman, said in an e- mail.

The 247,000-barrel-a-day plant reported emissions from a coker and fluid catalytic cracker No. 3 on July 11, according to a filing with the Texas Commission on Environmental Quality.

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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