Spot gasoline in California gained against futures for the first time in four days as BP Plc (BP/) and Exxon Mobil Corp. (XOM:US) reported flaring at refineries on the U.S. West Coast.
BP’s 234,000-barrel-a-day Cherry Point plant in Washington said there were emissions from the No. 1 diesel unit on May 25, a federal regulatory notice showed. Exxon’s 150,000-barrel-a-day Torrance refinery in Southern California reported planned flaring yesterday, according to a notice to the California Emergency Management Agency.
California-blend gasoline, or Carbob, in Los Angeles climbed 0.88 cent against futures traded on the New York Mercantile Exchange to a premium of 3.88 cents a gallon at 4:13 p.m. New York time, rising from a seven-week low, data compiled by Bloomberg show. Prompt-delivery of the fuel gained 2.61 cents to $2.8842 a gallon.
Retail gasoline in the state slipped 0.4 cent to $4.025 a gallon, Heathrow, Florida-based AAA, the nation’s largest motoring organization, said today on its website.
Exxon’s Torrance refinery is scheduled to finish a maintenance turnaround involving a crude unit, a coker and an alkylation unit this week, according to a person with knowledge of the timeline.
The oil-products tanker NCC REEM was anchored at Phillips 66 (PSX:US)’s Rodeo refinery in Northern California today after stopping at BP Plc’s Cherry Point plant last week, IHS Inc. (IHS:US) data show. Phillips 66 chartered the vessel last month to bring clean products to the West Coast from South Korea, ship-fixture data compiled by Bloomberg show.
Carbob gasoline in San Francisco advanced 1.5 cents against futures to a premium of 7.5 cents a gallon. The spread between San Francisco and Los Angeles Carbob widened 0.63 cent to 3.63 cents a gallon.
California-blend, or CARB, diesel in San Francisco strengthened 2.75 cents versus ultra-low-sulfur diesel futures on the Nymex to a discount of 4.75 cents a gallon, a one-week high. CARB diesel in Los Angeles rose 4.25 cents to 1.75 cents a gallon below futures, the smallest differential in a month.
In Portland, Oregon, conventional, 84-octane gasoline dropped 8.5 cents against futures to a premium of 6 cents a gallon. The premium for low-sulfur diesel there narrowed 7 cents to 2.5 cents a gallon versus ULSD futures.
Portland gasoline’s premium to Los Angeles Carbob weakened 9.38 cents to 2.13 cents a gallon, the least in a month.
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 five days, gaining $1.81 to $17.26 a barrel at 4:29 p.m. New York time, the biggest differential in a week. The spread, a rough measure of refining margins, is down 42 percent from this year’s high of $29.09 on Feb. 5.
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