Bloomberg News

Los Angeles Gasoline Rises as BP Extends Refinery Maintenance

February 25, 2013

Spot gasoline in Los Angeles widened its premium to futures after BP Plc (BP/) extended maintenance on a fluid catalytic cracker and alkylation unit at the second- largest refinery in Southern California.

BP expects to start the units at its Carson refinery between Feb. 25 and March 8, a person familiar with operations at the plant said. The refinery had previously planned to restart the units between Feb. 18 and Feb. 25.

The 266,000-barrel-a-day refinery has 152,605 barrels a day of catalytic cracking capacity. Catalytic crackers convert heavier hydrocarbons into more valuable, lighter products like gasoline and diesel.

California-blend gasoline in Los Angeles strengthened by 2.5 cents to 10.5 cents a gallon above futures on the New York Mercantile Exchange at 1:01 p.m. New York time, according to data compiled by Bloomberg. The premium narrowed by 23.5 cents in the three previous trading days.

California-blend gasoline in San Francisco strengthened by 1.5 cents, narrowing its discount to futures to 7.5 cents a gallon. Conventional, 84-octane gasoline in Portland, Oregon, strengthened by 1 cent to a premium of 11.5 cents a gallon.

Diesel in all three markets remained unchanged from Feb. 22, the most recent trading day. California-blend diesel in Los Angeles was 14.75 cents a gallon above heating oil futures on the Nymex. In San Francisco, the premium was 12.75 cents. In Portland, the premium of low-sulfur diesel was 7.75 cents.

To contact the reporter on this story: Dan Murtaugh in Houston at dmurtaugh@bloomberg.net

To contact the editor responsible for this story: Dan Stets at dstets@bloomberg.net


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