Gasoline and diesel on the Gulf Coast declined as Phillips 66 (PSX:US) completed maintenance at its Borger refinery and Valero Energy Corp. (VLO:US) started a new hydocracker unit at its Port Arthur plant.
Conventional gasoline, or CBOB, on the Gulf Coast dropped 0.75 cent to a discount of 25.5 cents a gallon to futures on the New York Mercantile Exchange at 1:54 p.m. The fuel has traded below futures since Oct. 11.
Ultra-low-sulfur diesel in the Gulf slid 1.5 cents to a discount of 1.25 cents a gallon under Nymex heating oil futures.
Phillips began work at its 146,000-barrel-a-day Borger refinery in Texas in late September after being delayed about 30 days. The maintenance included shutting two fluid catalytic crackers and idling the entire plant in October, a person familiar with operations said Dec. 5.
Valero said in its third-quarter earnings report it expected the hydrocracker at its 310,000-barrel-a-day Port Arthur, Texas, refinery to be operational this month.
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