Spot gasoline in Los Angeles weakened against futures for the first time in five days as refineries in Southern California finished equipment maintenance, restoring supplies to the market.
Tesoro Corp. (TSO:US)’s Wilmington refinery completed a maintenance turnaround last month and Exxon Mobil Corp. (XOM:US) was scheduled to wind up repairs at the 150,000-barrel-a-day Torrance plant last week. Phillips 66 (PSX:US)’s Los Angeles refinery restarted an isomerization unit last week that had been shut because of a line leak, a person with knowledge of the repairs said.
California-blend gasoline, or Carbob, in Los Angeles fell 3.75 cents to a discount of 0.5 cent a gallon against gasoline futures traded on the New York Mercantile Exchange at 3:44 p.m. East Coast time, according to data compiled by Bloomberg. The fuel rose yesterday to its highest level since Feb. 26.
Carbob in San Francisco slipped 0.5 cent against futures to a premium of 5 cents a gallon.
The premium for Carbob in San Francisco over Los Angeles widened for the third day, gaining 3.25 cents to 5.5 cents a gallon, the biggest spread since September and the highest level for this time of year since at least 2008.
California-blend, or CARB, diesel in San Francisco advanced 2.75 cents against Nymex heating oil futures to a premium of 7.25 cents a gallon. The fuel in Los Angeles weakened for the first time in four days, slipping 0.75 cent to 3.5 cents a gallon over futures.
In Portland, Oregon, low-sulfur diesel was unchanged at a premium of 14 cents a gallon over heating oil futures. Conventional, 84-octane gasoline there strengthened for the fourth day, gaining 4 cents to a discount of 15 cents a gallon versus gasoline futures.
The 3-2-1 crack spread of Alaska North Slope crude, Carbob in Los Angeles and CARB diesel in Los Angeles gained a fifth day, increasing $3.28 to $20.61 a barrel at 3:48 p.m. New York time, the biggest differential since March 6.
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