By Paul Burkhardt - Sep 9, 2011 12:48 PM GMT-0500
Gulf Coast gasoline weakened on speculation that Tropical Storm Nate won’t impair production by U.S. refiners in the region.
The government of Mexico issued hurricane watches for the southeastern coast from Tampico to Veracruz as Tropical Storm Nate moved northwest through the Bay of Campeche toward an expected landfall in Mexico as soon as Sept. 11, the U.S. National Hurricane Center said in an advisory at about 10:40 a.m. East Coast time.
“The storm headed into Mexico is unlikely to affect refinery operations here,” said Andy Lipow, president of Lipow Oil Associates LLC in Houston.
The discount for reformulated 87-octane gasoline in the Gulf Coast widened 0.62 cent to 1 cent a gallon versus futures traded on the New York Mercantile Exchange at 12:38 p.m., according to data compiled by Bloomberg. Prompt delivery fell 12.13 cents to $2.7602 a gallon.
The same fuel in New York Harbor fell 2 cents to 14.5 cents a gallon. It’s the lowest premium since Aug. 31.
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