Another unexpected refinery outage Thursday on the US Gulf Coast
helped push gasoline prices to their highest levels in nearly eight
months.
Conventional 9 RVP gasoline was assessed Thursday at NYMEX June RBOB
minus 12.40 cents/gal, up 5.10 cents/gal from its monthly low on
April 18.
The benchmark's outright price was assessed at $1.487/gal, a 22.23
cents/gal climb from April 18 and its highest level since August 31.
Gulf Coast gasoline prices have climbed steadily since mid-April,
supported by refinery outage and a contango in the NYMEX RBOB
futures contract.
Motiva on Thursday started unplanned maintenance on a fluid
catalytic cracker at its 603,500 b/d refinery in Port Arthur, Texas.
The 88,000 b/d unit is expected to be down seven to 10 days, traders
said.
The shutdown marked the third unexpected Gulf Coast refinery outage
in as many weeks.
Shell shuttered a FCC at its 340,000 refinery in Deer Park, Texas,
last week and Houston Refining's 263,776 b/d plant is expected to
operate at just 75% of capacity through the second quarter after a
fire broke out early this month.
--Joshua Brown,
joshua.brown1@platts.com
--Edited by Richard Rubin,
richard.rubin@platts.com
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