Bloomberg News

San Francisco Gasoline at Three-Week High After Exxon Breakdown

December 13, 2011

Dec. 13 (Bloomberg) -- California-blend gasoline in San Francisco strengthened to the highest level against futures in more than three weeks after Exxon Mobil Corp. reported a breakdown at the Torrance refinery in Southern California.

California-blend gasoline, or Carbob, in San Francisco rose 4.25 cents to a premium of 4.5 cents versus gasoline futures on the New York Mercantile Exchange at 4:21 p.m. New York time, according to data compiled by Bloomberg. The spread was at the highest level since Nov. 18. Prompt-delivery of the fuel in San Francisco jumped 10.43 cents to $2.6704 a gallon.

The 150,000-barrel-a-day Torrance refinery, south of Los Angeles, had a breakdown that may result in unplanned flaring for the rest of the day, Irving, Texas-based Exxon said in a filing with the South Coast Air Quality Management District.

Barbara Burgett, an Exxon spokeswoman at the refinery, said in a telephone interview that she was looking into the incident.

Carbob in Los Angeles rose 2.75 cents to a premium of 8.5 cents a gallon against futures, also its highest level since Nov. 18.

California-blend diesel, known as CARB diesel, in Los Angeles climbed 0.87 cent to a discount of 2.13 cents to heating oil futures traded on the Nymex. The same fuel in San Francisco slipped 0.25 cent to a discount of 2.25 cents to futures.

Conventional, 87-octane gasoline in Portland, Oregon, fell 3.5 cents to a discount of 2 cents to futures.

--Editors: Richard Stubbe, Margot Habiby

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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