US east coast spot gasoline weakens on influx of supply

04 January 2012 23:03  [Source: ICIS news]

HOUSTON (ICIS)--US east coast traders pared gains for spot gasoline by weakening bids because of expectations of an influx of gasoline from incoming cargoes, a New York Harbor trader said on Wednesday.

February gasoline futures settled at $2.7852/gal, up 3.66 cents/gal from Tuesday’s settlement.

East coast unleaded gasoline traded at $2.8000/gal, a premium of 1.48 cents/gal over futures.

If trading for east coast gasoline remained the same as Tuesday, east coast unleaded spot gasoline would have traded at $2.8100/gal.

The east coast trader said gasoline cargoes are expected to meet the harbour between 12-16 January. In addition, there has been and influx of gasoline from the US Gulf travelling north in the Colonial Pipeline.

By: Sheena Martin
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