US east coast gasoline prices fall on expected refinery restart

15 May 2012 22:42  [Source: ICIS news]

HOUSTON (ICIS)--Gasoline spot prices in the US east coast dropped as buyers fled the market as the largest east coast refinery will begin the restart of a unit by the week’s end, a broker said on Tuesday.

The primary crude unit at Sunoco’s Philadelphia refinery in Pennsylvania has been shut down since 9 May resulting from a fire at the refinery, which caused a boost in spot gasoline prices last week.

The fire at the 335,000 bbl/day refinery and was extinguished quickly, market sources said.

The crude distillation at the refinery was said to begin restart later this week, sources said.

The company spokesman did not immediately comment on the refinery’s status.

Buying all but stopped when news of the unit’s restart spread, sources said.

Spot unleaded gasoline in the New York Harbor fell by 6 cents/gal from Monday. The price for conventional gasoline moved to $2.9050-2.9075/gal, down from $2.9650-2.9675/gal.

By: Sheena Martin
+1 713 525 2653

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