Bloomberg News

Los Angeles Gasoline Premium Shrinks on Weak U.S. Fuel Demand

February 02, 2012

Feb. 2 (Bloomberg) -- California-blend gasoline fell, tracking a decline in New York futures, as U.S. demand for motor fuels sank to a 10-year low.

Gasoline supplied to wholesalers across the U.S. last week dropped 1.6 percent to 7.97 million barrels a day, the lowest level since September 2001, according to an Energy Department report yesterday. Gasoline inventories rose 3.02 million barrels to 230.1 million, an 11-month high. California regulators said yesterday that gasoline stocks were little changed in the state.

Carbob in Los Angeles slid 0.25 cent to a premium of 9.5 cents versus gasoline futures traded on the New York Mercantile Exchange at 4:32 p.m., according to data compiled by Bloomberg.

Carbob in San Francisco was unchanged a premium of 0.75 cent against futures.

California-blend, or CARB, diesel in Los Angeles was unchanged at a premium of 1 cent against Nymex heating oil futures. The same fuel in San Francisco was unchanged at a discount of 2.38 cents against futures.

Conventional, 87-octane gasoline in Portland, Oregon, fell 4.75 cents to a discount of 19.75 cents to futures, the lowest level since Jan. 17, 2008.

California distillate inventories climbed 2.6 percent last week from a week earlier to 4.51 million barrels, the state Energy Commission said. Gasoline supplies were little changed at 7.11 million barrels.

--With assistance from Lynn Doan in San Francisco and Barbara J Powell in Dallas. Editor: Bill Banker, Margot Habiby To contact the reporter on this story: Gene Laverty in Calgary at glaverty@bloomberg.net

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


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