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Gasoline futures declined the most in 14 months after a government report showed rising East Coast inventories as refineries restored production following maintenance.
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Gasoline rose a second consecutive day in New York on concern refinery shutdowns will tighten supply as demand picks up in April.
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PBF Energy Inc. is betting that shipping discounted crude by rail from Canada and North Dakota can make its East Coast refineries profitable on the heels of several shut-downs in the region.
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U.S. consumers facing the highest gasoline pump prices ever for February may see further increases as global crude oil futures climb and breakdowns and seasonal maintenance at refineries reduce fuel supplies.
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Gasoline jumped to a four-month high as March contract’s discount to April futures narrowed for the first time in four days.
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Gasoline rose to the highest level since Oct. 11 after Hess Corp. said it will shut the Port Reading, New Jersey, refinery at the end of February.
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Heating oil rose to the highest level in nearly four months on speculation that a snow storm in the U.S. Northeast will boost demand for distillates and drain stockpiles on the East Coast.
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New York Harbor fuels strengthened versus futures on speculation a winter storm on the U.S. East Coast may slow refinery and terminal operations, and increase demand for distillates.
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Nine Nigerian crude cargoes for loading in March, or 13 percent, remain unsold as increased demand for gasoline in the U.S. boosted purchases of the West African nation’s grades, according to four traders who participate in the market.
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Oil advanced to a four-month high in New York as orders for durable goods in the U.S. jumped, adding to economic optimism, and gasoline gained on the announcement that a New Jersey refinery will close.
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