Spot gasoline in the Gulf weakened versus futures, shrinking to the lowest level in 10 days, as Motiva Enterprises LLC restarted units at the 600,000-barrel-a- day Port Arthur, Texas, refinery, the largest in the U.S.
Motiva started equipment that was halted by an area power failure April 14. Kimberly Windon, a company spokeswoman in Houston, did not immediately return an e-mail asking for an update on the status of the plant.
The premium for reformulated, 84-octane gasoline on the Gulf Coast retreated 0.75 cent to 3.5 cents a gallon above futures on the New York Mercantile Exchange at 1:57 p.m., the least since April 12. Ultra-low-sulfur diesel fuel was unchanged at a discount of 1.25 cents against Nymex futures.
Supplies of gasoline in the region fell 565,000 barrels to 73.6 million in the week ended April 14, while distillate stockpiles gained 267,000 barrels to 35.8 million, according to Energy Information Administration data.
The 3-2-1 crack spread on the Gulf, a rough measure of refining margins for gasoline and diesel fuel based on West Texas Intermediate in Cushing, Oklahoma, slipped $1.05 to $24.96 a barrel. The same spread for Light Louisiana Sweet oil dropped $1.75 to $12.26 a barrel.
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