Spot gasoline in Los Angeles weakened to the lowest level against futures in almost two weeks with supplies at a record high for this season.
Gasoline stockpiles in the U.S. West Coast climbed 408,000 barrels, or 1.3 percent, to 33.1 million in the week ended Dec. 21, the Energy Department said Dec. 28. That’s the highest inventory level for this time of year since at least 1990, when the agency began collecting data.
California-blend gasoline, or Carbob, supplies jumped 8.3 percent to 7.08 million barrels during the same period, the highest since April 2011, according to data compiled by the state Energy Commission.
The premium for Carbob in Los Angeles narrowed 1.75 cents to 2.5 cents a gallon against gasoline futures traded on the New York Mercantile Exchange at 4:19 p.m. East Coast time, the lowest level since Dec. 21 and the third straight drop, data compiled by Bloomberg show. The same fuel in San Francisco weakened 1.75 cents to 2.5 cents a gallon below futures.
The premium for California-grade, or CARB, diesel in Los Angeles narrowed 1.25 cent to 2 cents a gallon versus Nymex heating oil futures. The fuel in San Francisco widened its discount by 5 cents to 8 cents a gallon.
CARB diesel inventories jumped 7.9 percent in the week ended Dec. 21 to 3.16 million barrels, the state Energy Commission said Dec. 28.
In Portland, Oregon, the discount for conventional 84 sub- octane gasoline to be blended with ethanol widened by 2.25 cents to a 6.25-cent discount to gasoline futures. Low-sulfur diesel in Portland weakened 2 cents to 0.5 cent a gallon under heating oil futures.
Distillate fuel oil stockpiles in the U.S. West Coast increased 2.7 percent to 14.6 million barrels in the week ended Dec. 21, the highest since February, the Energy Department said.
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