Spot gasoline in San Francisco weakened from a six-month high against futures as Chevron Corp. (CVX:US) and Phillips 66 (PSX:US) were said to be preparing to start units at refineries in Northern California.
Chevron Corp.’s 240,000-barrel-a-day Richmond plant planned to fill its only crude unit, shut since an Aug. 6 fire, with oil on April 20, a person familiar with operations said April 15. Phillips 66’s Rodeo refinery was scheduled to start a hydrocracker after finishing pump repairs tomorrow, a person with knowledge of the work said yesterday.
California-blend gasoline, or Carbob, in San Francisco fell 1.5 cents to a premium of 22.5 cents a gallon against futures traded on the New York Mercantile Exchange at 4:10 p.m. East Coast time, according to data compiled by Bloomberg. The fuel climbed yesterday to the highest premium since Oct. 12.
Carbob in Los Angeles gained 2.5 cents to a premium of 8 cents a gallon.
Gasoline inventories on the U.S. West Coast, known as the PADD 5 region, dropped 3 percent in the week ended April 12 to 27.6 million barrels, the Energy Information Administration, the Energy Department’s statistical arm, said today. That’s the lowest level since October.
California-blend, or CARB, diesel in San Francisco climbed 0.5 cent to 6.5 cents a gallon above ultra-low-sulfur diesel futures on the Nymex. The same fuel in Los Angeles was unchanged at a 0.75-cent-a-gallon premium versus futures.
Conventional gasoline in Portland, Oregon, dropped 1.5 cents against Nymex gasoline futures to a premium of 4.5 cents a gallon. Low-sulfur diesel there weakened by 1 cent to 5 cents a gallon above futures.
The 3-2-1 crack spread of Alaska North Slope crude, Carbob in Los Angeles and CARB diesel in Los Angeles gained for the first time in three days, rising 54 cents to $18.64 a barrel at 4:24 p.m. New York time.
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