Bloomberg News

California Gasoline Falls to Lowest in 2 Weeks on Higher Stocks

November 09, 2011

Nov. 9 (Bloomberg) -- California gasoline’s premium to futures fell to the lowest level in two weeks after the Energy Department said inventories of the fuel on the West Coast rose for the first time in seven weeks.

The premium for California-blend gasoline, or Carbob, in Los Angeles dropped 7 cents to 18 cents, the narrowest since Oct. 25, against futures traded on the New York Mercantile Exchange at 4:12 p.m. New York time, according to data compiled by Bloomberg. The fuel gained 0.62 cent yesterday after Valero Energy Corp.’s Benicia refinery reported an upset.

The West Coast is the only region in the country where gasoline inventories grew in the week ended Nov. 4, according to the Energy Department. Stocks of the fuel rose 4.1 percent to 28.1 million barrels, the highest level in five weeks.

Carbob in San Francisco fell 6 cents to 13 cents a gallon above above futures. That’s the narrowest premium for the fuel since Oct. 24.

Conventional, 87-octane gasoline in Portland, Oregon, fell 0.5 cent to 13.5 cents above futures.

Low-sulfur diesel stocks fell on the West Coast for the third straight week, by 2.9 percent to 10 million barrels. That’s the lowest inventory level for the fuel since April 16, 2010.

California-blend diesel in Los Angeles rose 1 cent to a premium of 10 cents above heating oil futures traded on the Nymex.

--Editors: Richard Stubbe, David Marino

To contact the reporter on this story: Lynn Doan in San Francisco at ldoan6@bloomberg.net

To contact the editor responsible for this story: Dan Stets at dstets@bloomberg.net


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