Bloomberg News

San Francisco Gasoline Drops as Tesoro Reports Unit Startups

May 29, 2013

Spot gasoline in San Francisco declined against futures as Tesoro Corp. (TSO:US)’s Golden Eagle refinery in Northern California reported unit starts.

The 170,000-barrel-a-day Golden Eagle plant was returning equipment to service on May 24 and 25, notices to county regulators showed. Tina Barbee, a spokeswoman at the company’s headquarters in San Antonio, didn’t immediately respond to an e-mailed request today for comment on the refinery’s status.

California-blend gasoline, or Carbob, in San Francisco dropped 0.75 cent to a premium of 6.75 cents a gallon against futures traded on the New York Mercantile Exchange at 3:36 p.m., data compiled by Bloomberg show. Prompt-delivery slid 5.49 cents to $2.8655 a gallon, the lowest since January.

Retail gasoline in the state slipped 0.5 cent to $4.02 a gallon, Heathrow, Florida-based AAA, the nation’s largest motoring organization, said today on its website.

The Golden Eagle refinery had a power failure May 16 that shut several process units. The plant returned to normal operations on May 20, Barbee said by e-mail at the time.

California-blend, or CARB, diesel in San Francisco jumped 5.75 cents versus ultra-low-sulfur diesel futures on the Nymex to a premium of 1 cent a gallon, the fuel’s highest level in more than a week.

The Eagle Madrid, which carries clean oil products, was traveling south off the coast of Baja Mexico bound for Chile after stopping in Long Beach, California, and at the Golden Eagle refinery in the past week, according data from IHS Inc. (IHS:US)

Distillate Exports

Distillate exports off the U.S. West Coast in February were at the highest for that month since 2008, according to data compiled by the Energy Information Administration, the Energy Department’s statistical arm. The region exported 1.2 million barrels of gasoline in February, EIA data show.

Carbob in Los Angeles slipped 0.38 cent against gasoline futures to a premium of 3.5 cents a gallon. Prompt-delivery there dropped 5.12 cents to $2.833 a gallon.

The premium for San Francisco Carbob versus the same fuel in Los Angeles narrowed 0.38 cent to 3.3 cents a gallon.

CARB diesel in Los Angeles was unchanged at 1.75 cents a gallon below ULSD futures.

In Portland, Oregon, conventional, 84-octane gasoline weakened 1 cent against futures to a premium of 5 cents a gallon. Low-sulfur diesel there dropped 2.75 cents to 0.25 cent a gallon under ULSD futures.

Portland gasoline’s premium to Los Angeles Carbob weakened 0.63 cent to 1.5 cents a gallon, the least since April 26.

The 3-2-1 crack spread of Alaska North Slope crude, Carbob in Los Angeles and CARB diesel in Los Angeles narrowed 10 cents to $17.16 a barrel at 4:02 p.m. New York time, slipping from the biggest differential in a week. The spread, a rough measure of refining margins, is down 41 percent from this year’s high of $29.09 on Feb. 5.

To contact the reporter on this story: Lynn Doan in San Francisco at ldoan6@bloomberg.net

To contact the editor responsible for this story: Dan Stets at dstets@bloomberg.net


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Companies Mentioned

  • TSO
    (Tesoro Corp)
    • $77.73 USD
    • 2.04
    • 2.62%
  • IHS
    (IHS Inc)
    • $128.93 USD
    • -0.11
    • -0.09%
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