Spot gasoline in California advanced against futures after a government report that stockpiles of the fuel fell on the U.S. West Coast last week to the lowest level for the season in six years.
Gasoline supplies on the West Coast, the PADD 5 region, dropped for the eighth straight week, declining 2.6 percent to 28.7 million barrels in the seven days ended March 29, according to the Energy Information Administration, the Energy Department’s statistical arm. That’s the least for the period since 2007.
California-blend gasoline, or Carbob, in San Francisco strengthened 3 cents to a premium of 8 cents a gallon against futures traded on the New York Mercantile Exchange at 1:46 p.m. New York time, data compiled by Bloomberg show. Carbob in Los Angeles rose 2.75 cents to 5.75 cents a gallon above futures.
The premium for Carbob in San Francisco versus the fuel in Los Angeles climbed 0.25 cent to 2.25 cents a gallon. San Francisco last week rose to the highest level against Los Angeles in seven months.
California-blend, or CARB, diesel in San Francisco weakened by 0.5 cent to a premium of 14 cents a gallon against ultra-low- sulfur diesel futures on the Nymex. The same fuel in Los Angeles rose 1 cent to a premium of 6.5 cents a gallon.
In Portland, Oregon, low-sulfur diesel strengthened by 1 cent to a 15-cent-a-gallon premium versus ULSD futures. Gasoline there climbed 2 cents against gasoline futures to a discount of 5.5 cents a gallon.
The 3-2-1 crack spread of Alaska North Slope crude, Carbob in Los Angeles and CARB diesel in Los Angeles dropped for the second straight day, losing 49.9 cents to $19.79 a barrel at 2:05 p.m. New York time. The spread, a measure of refining profitability, hit a one-year low of $3.86 a barrel in December.
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