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Gasoline on the East Coast strengthened after imports of the fuel dropped and inventories of the grade made to regional specifications fell to the lowest level in almost four years.
Total gasoline imports to the East Coast declined by 387,000 barrels a day to 577,000 barrels last week, according to the Energy Department. Inventories in the region for reformulated gasoline dropped 10 percent to 14.4 million barrels, the lowest level since September 2008.
The premium for reformulated, 87-octane gasoline, or RBOB, in New York Harbor gained 17.13 cents to 19.13 cents over futures traded on the New York Mercantile Exchange in New York at 1:59 p.m., according to data compiled by Bloomberg. Prompt delivery rose 9.66 cents to $3.0312 a gallon.
Two refineries in Europe reported fires. Lower production on the continent can reduce imports to the U.S.
Murphy Oil Corp. (MUR)’s Milford Haven refinery in Wales is still operating after a small fire yesterday in a process area of the 130,000-barrel-a-day plant, John Llewellyn, a spokesman, said today by phone from the site. There were no injuries, he said.
Exxon Mobil Corp. said its Fawley oil refinery in the U.K. is running normally after a fire at an electricity substation yesterday.
The premium for RBOB in the Gulf Coast weakened 2.5 cents to 2.5 cents a gallon.
Valero Energy Corp. (VLO) plans to start units at the Meraux refinery in Louisiana “over the next several days,” Bill Day, a company spokesman in San Antonio, said in an e-mail. The crude unit is scheduled to return to service by the end of the month, he said.
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