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Oct. 5 (Bloomberg) -- California-blend gasoline strengthened for the third day after maintenance began at two Northern California refineries and Tesoro Corp. was said to be planning work at its Martinez refinery in January.
The premium for California-blend gasoline, or Carbob, in San Francisco climbed 4.5 cents to 31.5 cents a gallon above gasoline futures traded on the New York Mercantile Exchange at 4:14 p.m. East Coast time, according to data compiled by Bloomberg. The same fuel in Los Angeles strengthened 5.88 cents to a premium of 29.88 cents to futures, the highest level since Sept. 2.
Chevron Corp. and Valero Energy Corp. are conducting planned maintenance at their Northern California refineries. Tesoro will cut rates at its Martinez refinery, northeast of San Francisco, in January to start work on process units that may last until March, two people familiar with the work said.
Gasoline inventories on the West Coast fell for the second week to 28.3 million barrels in the week ended Sept. 30, according to the Energy Department. That’s the lowest level for stocks since Sept. 2.
California gasoline inventories rose 3.6 percent last week, and diesel stocks in the state climbed 7.1 percent, according to the state Energy Commission.
California-blend diesel in Los Angeles strengthened 0.5 cent to a premium of 12 cents above heating oil futures traded on the Nymex.
Conventional, 87-octane gasoline in Portland, Oregon, rose 4.5 cents to 36.5 cents over futures. That’s the largest premium for the fuel in more than two years.
Royal Dutch Shell Plc shut several units at the Puget Sound refinery in Anacortes, Washington, last month for maintenance that’s expected to last until Nov. 8. Tesoro is still conducting work on a residual oil unit that was scheduled to be completed at the end of last month, Mike Marcy, a company spokesman based in Martinez, California, said in an e-mail today.
--Editors: Richard Stubbe, David Marino
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