Spot gasoline in Los Angeles advanced against futures for the first time in four days after regional stockpiles slid to a record low for the time of year.
Gasoline supplies on the West Coast, the PADD 5 region, declined 5.6 percent to 26 million barrels in the week ended April 19, the Energy Information Administration, the Energy Department’s statistical arm, said today. That’s the lowest for the period since at least 1990, when the agency began collecting the data.
California-blend gasoline, or Carbob, in Los Angeles gained 4.5 cents versus gasoline futures traded on the New York Mercantile Exchange to a premium of 10.5 cents a gallon at 1:34 p.m. New York time, the highest level in almost a week, according to data compiled by Bloomberg.
Exxon Mobil Corp. (XOM:US)’s 150,000-barrel-a-day Torrance refinery in Southern California was scheduled to shut process equipment, including a crude unit, a coker and an alkylation unit, for about 23 days of planned repairs in early May, a person with knowledge of the schedule said March 5.
Carbob in San Francisco dropped 3.5 cents against futures to a premium of 17.5 cents a gallon, the lowest level in almost two weeks.
The hydrocracker at Phillips 66 (PSX:US)’s Rodeo plant near San Francisco began producing fuel April 22 after pump repairs, a person familiar with operations there said yesterday. Tesoro Corp. (TSO:US)’s Golden Eagle plant finished maintenance over the weekend, and Chevron Corp. (CVX:US)’s Richmond complex is scheduled to restart its crude unit by the end of the month.
Carbob in San Francisco narrowed by 8 cents to 7 cents a gallon above the fuel in Los Angeles, the smallest spread since April 11.
California-blend, or CARB, diesel in San Francisco fell for the fifth straight day against ultra-low-sulfur diesel futures on the Nymex, slipping 0.5 cent to a discount of 4 cents a gallon, the lowest level since Jan. 11.
CARB diesel in Los Angeles dropped 0.5 cent to a discount of 1.5 cents a gallon, a one-month low.
Distillate fuel oil stockpiles on the West Coast rose for the third week, gaining 2 percent to 12.4 million barrels, the EIA said.
In Portland, Oregon, gasoline advanced 3.63 cents against Nymex futures to a premium of 7.38 cents a gallon. Diesel in Portland was unchanged at a premium of 0.75 cent a gallon against ULSD futures.
The 3-2-1 crack spread of Alaska North Slope crude, Carbob in Los Angeles and CARB diesel in Los Angeles widened for the first time in four days, gaining 18 cents to $16.13 a barrel. The spread, a rough indicator of refinery margins, is down 45 percent from this year’s high of $29.09 a barrel on Feb. 5.
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