Spot gasoline in the U.S. Pacific Northwest dropped by the most against futures since February as tankers carried oil products to the region and a Royal Dutch Shell Plc (RDSA) refinery recovered from a power failure.
The oil-products tanker NCC Reem, near Seattle, was bound for BP Plc (BP/)’s Cherry Point refinery in Washington state today, according to IHS Inc. (IHS:US) data. The vessel was chartered by Phillips 66 (PSX:US) to deliver clean products to the West Coast from South Korea, ship-fixture information compiled by Bloomberg show. The Voge Dignity, off the California coast, is also headed for Vancouver.
Conventional, 84-octane gasoline in Portland, Oregon, a benchmark for the Pacific Northwest, weakened by 11.5 cents against futures traded on the New York Mercantile Exchange to a premium of 17.5 cents a gallon, data compiled by Bloomberg show. That’s the lowest level for the fuel in three weeks and the biggest single-day decline since Feb. 28.
Low-sulfur diesel in Portland slid 4.5 cents versus ultra-low-sulfur diesel futures on the Nymex to a premium of 13 cents a gallon, its lowest level since May 9.
Shell’s 147,500-barrel-a-day Anacortes refinery in Washington has returned to normal operations after a power failure May 13 that resulted in the shutdown of multiple units, Kim Windon, a company spokeswoman in Houston, said by e-mail on May 17.
California-blend gasoline, or Carbob, in San Francisco strengthened 2.5 cents against Nymex futures to a premium of 15.5 cents a gallon. The same fuel in Los Angeles climbed 1 cent to 10 cents above futures.
California-grade, or CARB, diesel in San Francisco dropped 4.5 cents against ULSD futures to a discount of 1 cent a gallon. CARB diesel in Los Angeles also weakened 0.38 cent to 5.38 cents a gallon below futures.
The 3-2-1 crack spread of Alaska North Slope crude, Carbob in Los Angeles and CARB diesel in Los Angeles narrowed for the first time in three days, losing $1.13 a barrel to $16.66.
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