CHINA GRANTS SINOIL
HONG KONG - China granted a third state-owned oil trading company, China National United Oil Corp. (Sinoil), the right to import crude and oil products, the Beijing-based China Oil, Gas and Petrochemicals newsletter reported Tuesday.
Sinoil was granted import rights under the State Council's new oil-reform policy document, which is expected to be published at an undisclosed date, the semiofficial newsletter said.
GASOLINE PRICES RISE
IN NY, US GULF COAST
NEW YORK - Spot gasoline prices moved higher Tuesday in both New York harbor and at the U.S. Gulf Coast, traders said, as refiners purchased incremental supplies on the open market.
Industry sources in both centers stressed, however, that the market's activity level was thin following the long holiday weekend.
In New York, refiners and traders focused attention on premium unleaded 93-octane gasoline with bids heard as high as 7.50 cents a gallon above the June New York Mercantile Exchange price. Offers were evident at 8.00 cents more than the futures level. June gasoline on the New York Mercantile Exchange Tuesday closed at 53.15 cents a gallon.