Spot gasoline in Los Angeles tumbled against futures by the most in six days after the state Energy Commission said inventories of the motor fuel rose for the first time in four weeks.
Gasoline inventories in California gained 8.4 percent to 6.1 million barrels in the week ended June 29 after refineries boosted non-California-blend gasoline stocks, for use outside the state, the commission said yesterday. U.S. West Coast gasoline supplies rose 2.7 percent to 27.9 million barrels, the Energy Department said.
California-blend, or Carbob, gasoline in Los Angeles weakened for the fifth day, dropping 7.75 cents to a discount of 9.5 cents a gallon against gasoline futures traded on the New York Mercantile Exchange at 2:01 p.m. East Coast time, data compiled by Bloomberg shows. That’s the biggest drop for the fuel since June 27 and the largest discount since June 20.
Carbob in San Francisco fell 7.75 cents to 11.5 cents a gallon below futures, also its lowest level since June 20.
Refineries in California cut Carbob supplies 3.8 percent last week to 4.62 million barrels and increased non-Carbob inventories to 1.48 million barrels from 828,000 a week earlier, the Energy Commission said in an e-mailed report.
California-blend diesel, or CARB diesel, in Los Angeles slipped for a third day, losing 0.38 cent to a premium of 4.25 cents a gallon against Nymex heating oil futures. The same fuel in San Francisco gained 1.5 cents to a premium of 1.5 cents a gallon over futures.
CARB diesel supplies climbed 1.6 percent last week to 2.17 million barrels, the Energy Commission said. Non-CARB diesel inventories, for use outside the state, dropped 12 percent to 1 million barrels, the state said.
Conventional, 87-octane gasoline in Portland, Oregon, tumbled 10.5 cents to a discount of 9.5 cents a gallon against gasoline futures, the lowest since June 21. Low-sulfur diesel there fell 0.5 cent to a 7.5-cent-a-gallon premium to heating oil futures.
Low-sulfur diesel fuel inventories in the West Coast slipped 2.5 percent to 10.5 million barrels last week, the Energy Department said.
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