Spot gasoline in San Francisco gained against futures for a third day after a hydrocracker shutdown at Tesoro Corp (TSO:US).’s Golden Eagle refinery was seen cutting supplies in Northern California.
California-blend gasoline, or Carbob, inventories and blendstocks in the region dropped in the week ended Feb. 8 to the lowest level in a month, the state Energy Commission said Feb. 15. Stockpiles in the Los Angeles area, meanwhile, increased for the first time in four weeks.
The 170,000-barrel-a-day Golden Eagle refinery restarted the hydrocracker, which converts heavy hydrocarbons into lighter fuels such as high-octane gasoline, last week after at least seven days of unplanned repairs, a person with direct knowledge of the work said Feb. 12.
The premium for Carbob in San Francisco widened 0.5 cent to 7 cents a gallon against gasoline futures traded on the New York Mercantile Exchange at 3:57 p.m. East Coast time, data compiled by Bloomberg show. Prompt delivery fell 0.83 cent to $3.1912 a gallon.
The premium for Carbob in Los Angeles was unchanged at 31.5 cents a gallon against futures. Prompt delivery slipped 1.33 cents to $3.4362 a gallon.
BP Plc and Valero Energy Corp (VLO:US). are both performing repairs on the fluid catalytic crackers and alkylation units at their refineries in Southern California.
The spread between Los Angeles and San Francisco Carbob narrowed 0.5 cent to 24.5 cents a gallon, the smallest gap since Feb. 11. San Francisco Carbob traded a record 32.5 cents a gallon below Los Angeles on Jan. 14.
California-blend, or CARB, diesel in Los Angeles fell 0.75 cent against Nymex heating oil futures to a 10.25-cent-a-gallon premium, the first decline in five days. The same fuel in San Francisco slipped 0.5 cent versus futures to a premium of 11.5 cents a gallon, the lowest in a week.
In Portland, Oregon, the premium for low-sulfur diesel against futures was unchanged at 4.5 cents a gallon. Conventional, 84-octane gasoline also held against gasoline futures at a premium of 3 cents a gallon.
The spread between Portland 84-octane gasoline and Los Angeles Carbob was unchanged at 28.5 cents a gallon. Portland traded at a record discount of 75.5 cents a gallon versus Los Angeles on Oct. 4.
The 3-2-1 refinery crack spread of Alaskan North Slope crude, Carbob in Los Angeles and CARB diesel in Los Angeles narrowed for the first time in six days, losing $1.455 to $27.007 a barrel at 4:11 p.m. New York time.
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