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California-blend gasoline strengthened after the state Energy Commission said inventories of the motor fuel dropped for the first time in three weeks.
Carbob supplies fell 2.7 percent to 5.76 million barrels in the week ended March 9 from a week earlier, the state said late yesterday. Total motor gasoline stocks tumbled 17 percent to 6.62 million barrels after refiners cut non-California gasoline inventories.
Carbob in Los Angeles (MOGLDB85) strengthened by 1.5 cents to a discount of 8.5 cents a gallon versus gasoline futures traded on the New York Mercantile Exchange at 1:58 p.m. in New York, according to data compiled by Bloomberg.
San Francisco (MOGSD85P) Carbob also gained 1.5 cents to a 9.5 cent discount against gasoline futures. The fuel weakened 16.25 cents yesterday on speculation that cargoes scheduled to deliver products to the U.S. West Coast and the start up of a unit at ConocoPhillips (COP)’ 128,000-barrel-a-day Rodeo (CPACCRUD) refinery would increase supplies in the market.
California-blend diesel, or CARB diesel, in Los Angeles (DIEILCAD) weakened by 1.25 cents to a 10.25 cent premium to Nymex heating oil futures. The same fuel in San Francisco (DIEISCAD) contracted by 2 cents to a premium of 12 cents against futures.
Distillate inventories slipped 0.5 percent last week to 3.52 million barrels, the state Energy Commission said. CARB diesel stocks fell 4.8 percent while other diesel fuel supplies jumped 9.8 percent, according to the state.
Conventional, 87-octane gasoline in Portland (MOGHD87P), Oregon, rose 3 cents to a discount of 5.5 cents a gallon against gasoline futures.
Motor gasoline inventories on the U.S. West Coast, known as the Padd 5 region, slipped 0.4 percent to 31.1 million barrels last week, the Energy Department said yesterday.
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