Bloomberg News

San Francisco Gasoline Rises to Six-Month High on Work

May 02, 2012

California-blend gasoline in San Francisco rose to the highest level in more than six months as Phillips 66 (W:US), Tesoro Corp. (TSO:US) and Royal Dutch Shell Plc. (RDSA) perform maintenance on units at their Northern California refineries.

Tesoro shut the hydrocracker at the Golden Eagle refinery until around May 21 for work, a person with knowledge of the schedule said yesterday. Phillips 66 is performing a turnaround on a hydrocracker at the Rodeo plant, two people said April 26. Shell shut a catalytic cracker at the Martinez refinery April 21 for a month of work, a regulatory notice shows.

California-blend, or Carbob, gasoline in San Francisco rose 5.5 cents to a premium of 41.5 cents a gallon against gasoline futures traded on the New York Mercantile Exchange, according to data compiled by Bloomberg. That’s the highest level since Oct. 11.

Tina Barbee, a spokeswoman at Tesoro’s headquarters in San Antonio, said in an e-mail yesterday that the Golden Eagle refinery is performing “planned maintenance activities.” She declined to say which units are involved in the work.

Los Angeles Carbob jumped 6 cents to a 36-cent-a-gallon premium to gasoline futures, the highest level since Feb. 24.

Phillips 66 is scheduled to flare gases through May 3 at the 139,000-barrel-a-day Los Angeles refinery, which is performing planned maintenance.

Gasoline inventories in California dropped 9.1 percent, or 562,000, to 5.63 million barrels in the week ended April 27, the state Energy Commission said in an e-mailed report today. Distillate supplies slipped 1.7 percent, or 56,000, to 3.32 million barrels, the state said.

California-blend, or CARB, diesel in San Francisco rose 1 cent to a premium of 21 cents a gallon versus Nymex heating oil futures. The same fuel in Los Angeles slipped 0.25 cent to an 11.5-cent-a-gallon premium to futures.

Conventional, 87-octane gasoline in Portland, Oregon, a benchmark for the U.S. Northwest, strengthened 2.5 cents to 22.5 cents a gallon above gasoline futures.

Gasoline inventories on the U.S. West Coast, known as the Padd 5 region, dropped 3.6 percent to 28.3 million barrels last week, the Energy Department said in a report today. That’s the lowest level since Dec. 23.

Low-sulfur diesel in Portland rose 1 cent to a 26-cent premium to heating oil futures. Distillate fuel oil supplies on the West Coast fell 3.2 percent to 11.6 million barrels last week, the Energy Department said.

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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  • W
    (Wayfair Inc)
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    (Tesoro Corp)
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