California-Blend Gasoline Falls After State Crude Stocks Rise

California-blend gasoline fell after a report said refinery oil stockpiles jumped last week.

Refineries had 16.6 million barrels of crude on hand last week, 9.4 percent more than the week ended March 16, the state Energy Commission said yesterday. Tesoro (TSO) Corp. said last week it’s Golden Eagle refinery in Martinez, California, was back at normal rates following a maintenance turnaround, signaling an increase in fuel production this week.

California-blend gasoline, or Carbob, in Los Angeles (MOGLDB85) fell 5.25 cents to a discount of 7.25 cents a gallon against gasoline futures traded on the New York Mercantile Exchange, according to data compiled by Bloomberg. The same fuel in San Francisco (MOGSD85P) dropped 5.75 cents to a 9.75 cent discount to futures.

CARB diesel in Los Angeles (DIEILCAD) gained 1.75 cents to a 16.75 cent-a-gallon premium against Nymex heating oil futures. The same fuel in San Francisco (DIEISCAD) rose 1 cent to a 14 cent premium versus futures.

Conventional, 87-octane gasoline in Portland (MOGHD87P), Oregon, fell 0.25 cent to a 6.5 cent premium to gasoline futures.

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

To contact the editor responsible for this story: Bill Banker at bbanker@bloomberg.net