BY CONTINUING TO USE THIS SITE, YOU ARE AGREEING TO OUR USE OF COOKIES. REVIEW OUR PRIVACY & COOKIE NOTICE
X


Boston gasoline cargo values dip as supplies grow: trade

Houston (Platts)--20 Apr 2017 439 pm EDT/2039 GMT


Boston gasoline cargoes felt downward pressure in Thursday morning trade due to an abundance of gasoline supplies, according to a New England based trade source.

The trade source said that Boston cargoes for all grades of gasoline were trading at a 1-cent/gal premium to their New York Harbor counterparts, which he attributed to "plenty of gas around" Boston.

This is the smallest premium that Boston cargoes have commanded over New York cargoes since January 23, when S&P Global Platts assessed the spread at the same level of 1 cent/gal.

The source did specify why Boston now seems awash in gasoline supplies, but EIA data released Wednesday showed USAC gasoline imports saw a healthy gain during the week ended April 14, climbing 214,000 barrels, or 44%. These barrels accounted for the majority of total US gasoline import growth, which was up 355,000 barrels on the week.

The same EIA data show that week on week USAC refinery capacity utilization grew more than 7% to reach 84.5%, the strongest refinery figure since the week ended January 27, when it hit 84.6%. This may also have contributed to the supply glut in Boston.

While the data showed USAC gasoline stocks fell slightly, inventories for the entire US climbed to reach 237.67 million barrels.

--Seth Clare, seth.clare@spglobal.com

--Edited by Richard Rubin, richard.rubin@spglobal.com




Copyright © 2017 S&P Global Platts, a division of S&P Global. All rights reserved.