Bloomberg News

U.S. Northwest Gasoline Rises by Most in a Month on Plant Upset

February 03, 2012

Feb. 3 (Bloomberg) -- Gasoline in the U.S. Northwest strengthened for the first time in seven days as Tesoro Corp. started a unit at the Anacortes refinery in Washington state after an equipment malfunction.

Conventional, 87-octane gasoline in Portland, Oregon, strengthened 2.25 cents to a discount of 17.5 cents against gasoline futures traded on the New York Mercantile Exchange at 4:14 p.m. East Coast time, according to data compiled by Bloomberg. That’s the largest rise for the fuel since Jan. 3.

A unit at the 125,000-barrel-a-day Anacortes refinery shut after an equipment malfunction yesterday, Tina Barbee, a Tesoro spokeswoman at the company’s headquarters in San Antonio, said in an e-mail. She said the unit is being restarted and the company expects to meet all supply commitments.

Portland gasoline dropped 4.75 cents yesterday to a discount of 19.75 cents, the lowest level since Jan. 17, 2008.

Carbob in Los Angeles rose 3 cents to a premium of 12.5 cents versus gasoline futures, the highest level in three weeks. The same fuel in San Francisco fell 2.25 cents to a discount of 1.5 cents against futures.

California-blend, or CARB, diesel in Los Angeles climbed 0.5 cent to 1.5 cents above Nymex heating oil futures. San Francisco CARB diesel rose 2.38 cents to reach parity with futures.

--With assistance from Christian Schmollinger in Singapore and Paul Burkhardt in New York. 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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