Bloomberg News

San Francisco Gasoline Premium Slips as Refinery Work Nears End

March 13, 2012

California-blend gasoline in San Francisco fell after Tesoro Corp. (TSO)’s chief executive officer said maintenance at a refinery in the northern part of the state is nearly done.

Tesoro extended the work at the Golden Eagle refinery last month because of longer-than-expected repairs, two people familiar with the plant’s operations said Feb. 13. The turnaround, originally scheduled to be finished by the end of February, was expected to take a few more weeks, they said.

“It’s close to being done,” Greg Goff, Tesoro’s chief executive officer, said at a conference in San Diego today. “It’s in the final stages.”

Carbob in San Francisco (MOGSD85P) fell 7.75 cents to a 5.25-cent premium against gasoline futures traded on the New York Mercantile Exchange, according to data compiled by Bloomberg. The same fuel in Los Angeles (MOGLDB85) lost 10.75 cents to a premium of 5.25 cents a gallon against futures.

Work at the plant, which can process 170,000 barrels a day, was delayed “because of our turnaround planning,” Goff said at the American Fuel & Petrochemical Manufacturers conference.

California-blend diesel, or CARB diesel, in Los Angeles (DIEILCAD) slipped 1 cent to a 17.75-cent premium against Nymex heating oil futures. The same fuel in San Francisco (DIEISCAD) was unchanged at a premium of 15.5 cents.

Conventional, 87-octane gasoline in Portland (MOGHD87P), Oregon, weakened 1 cent to a discount of 3 cents a gallon against gasoline futures.

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