Bloomberg News

California Gasoline Adds to Yearly Gain as Refineries Plan Work

December 30, 2011

Dec. 30 (Bloomberg) -- California-blend gasoline in Los Angeles strengthened, finishing the year up 18 percent, as Valero Energy Corp. and Tesoro Corp. plan work at refineries in the state next month.

Carbob in Los Angeles gained 0.5 cent to a premium of 24 cents a gallon versus gasoline futures on the New York Mercantile Exchange at 3:27 p.m. New York time, according to data compiled by Bloomberg. The premium increased from 3.75 cents at the end of 2010 and averaged 7.67 cents this year. Prompt delivery of the fuel gained 0.41 cent to $2.9085 today.

San Antonio-based Valero plans to idle a crude unit and a coker at the 135,000-barrel-a-day Wilmington refinery for four weeks beginning next month, according to the company’s website. Tesoro, also based in San Antonio, plans to cut rates at the Martinez refinery next month for maintenance, two people familiar with the refinery’s operations said Oct. 5.

Carbob in San Francisco gained 0.5 cent to a premium of 20.5 cents versus futures. The premium averaged 6.73 cents in 2011, from 5.75 cents at end-2010. The fuel’s price jumped 16 percent this year.

Conventional, 87-octane gasoline in Portland, Oregon, fell 3.88 cents to a premium of 3.5 cents to futures. The premium averaged 5.97 cents this year.

The premium for California-blend diesel in Los Angeles over Nymex heating oil futures was unchanged at 3.25 cents. The premium averaged 8.98 cents this year. Prompt delivery of the fuel, which climbed 0.36 cent to $2.9587 today, was up 16 percent in 2011.

--With assistance from Lynn Doan in San Francisco. Editors: David Marino, Charlotte Porter

To contact the reporter on this story: Gene Laverty in Calgary at glaverty@bloomberg.net

To contact the editor responsible for this story: Bill Banker at bbanker@bloomberg.net


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