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Jan. 18 (Bloomberg) -- California-blend gasoline in Los Angeles fell after the state said gasoline inventories climbed to the highest level in five months.
Carbob in Los Angeles dropped 4.25 cents to a premium of 7.75 cents a gallon against gasoline futures traded on the New York Mercantile Exchange at 4:15 p.m. New York time, according to data compiled by Bloomberg. Prompt-delivery of the fuel rose 1.16 cents to $2.9029 a gallon.
Gasoline inventories in California rose 2.3 percent to 6.86 million barrels in the seven days ended Jan. 13 from a week earlier, the state Energy Commission said. It was the fifth consecutive increase. Supplies on the U.S. West Coast, known as the Padd 5 region, jumped 5.4 percent to 30.2 million barrels in the week ended Jan. 6, according to the Energy Department.
Carbob in San Francisco fell 3.25 cents to a premium of 1.75 cents a gallon versus futures. The fuel jumped 11.75 cents yesterday on reports of work at Tesoro Corp.’s Martinez refinery in Northern California and flaring at ConocoPhillips’ Rodeo refinery.
The Rodeo flaring was caused by the startup of a hydrogen plant, according to a notice with the Contra Costa County hazardous materials program.
California-blend diesel in San Francisco weakened to the lowest level in almost a month, falling 4.75 cents to a discount of 2 cents a gallon against Nymex heating oil futures. The same fuel in Los Angeles was unchanged at a premium of 3 cents against futures.
California distillate inventories jumped 14 percent to 4.61 million barrels last week, the highest level since July, according to the state. Stocks of distillate fuel oil on the West Coast climbed to 14.9 million barrels in the week ended Jan. 6, the highest level in almost a year, the Energy Department said.
Conventional, 87-octane gasoline in Portland, Oregon, fell 6.75 cents to a discount of 4 cents to futures. That’s the lowest level for the fuel in Portland since Dec. 8.
--Editors: Margot Habiby, Richard Stubbe
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