Bloomberg News

San Francisco Gasoline Falls After Tesoro Reports Unit Startup

June 04, 2013

Spot gasoline in San Francisco weakened for a third straight day against futures as Tesoro Corp. (TSO:US) reported a unit startup at the Golden Eagle oil refinery in Northern California.

The 170,000-barrel-a-day plant filed notice with Contra Costa County regulators that a sulfuric acid plant started today. The Golden Eagle is running at “planned unspecified rates,” Tina Barbee, a spokeswoman at Tesoro’s headquarters in San Antonio, said by e-mail.

California-blend gasoline, or Carbob, in San Francisco slipped 0.5 cent to a premium of 5.75 cents a gallon, a two-month low, against futures traded on the New York Mercantile Exchange at 4:10 p.m., data compiled by Bloomberg show. The outright price gained 2.81 cents to $2.8757 a gallon.

Chevron Corp. (CVX:US)’s 240,000-barrel-a-day Richmond refinery near San Francisco is running the crude unit at full rates after starting it in April for the first time since an Aug. 6 fire, two people familiar with operations said May 30.

In Los Angeles, Carbob was unchanged against futures at a premium of 4.25 cents a gallon. Prompt delivery there rose 3.31 cents to $2.8607 a gallon.

The premium for San Francisco Carbob versus the same fuel in Los Angeles narrowed 0.5 cent to 1.5 cents a gallon, the least since May 10.

Retail Prices

Retail gasoline in the state fell 0.3 cent to $3.984 a gallon, Heathrow, Florida-based AAA, the nation’s largest motoring organization, said today on its website. Prices at the pump are down 5.6 percent from a year ago.

California-blend, or CARB, diesel in San Francisco dropped 0.5 cent versus ultra-low-sulfur diesel futures on the Nymex to a discount of 2 cents a gallon. The same fuel in Los Angeles fell against futures for the first time in more than a week, slipping 0.5 cent to a premium of 2.5 cents a gallon.

In Portland, Oregon, conventional, 84-octane gasoline climbed 0.5 cent to reach parity with Nymex gasoline futures. Low-sulfur diesel there dropped a second day, declining 1 cent to 9 cents a gallon under ULSD futures, its lowest level in more than four months.

Portland gasoline’s discount to Los Angeles Carbob narrowed 0.5 cent to 4.25 cents a gallon.

The 3-2-1 crack spread of Alaska North Slope crude, Carbob in Los Angeles and CARB diesel in Los Angeles widened a fourth day, gaining $1.44 to $20.20 a barrel at 4:12 p.m. New York time. The spread, a rough measure of refining margins, is at the highest level in three weeks.

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)
    • $76.89 USD
    • -1.46
    • -1.9%
  • CVX
    (Chevron Corp)
    • $109.19 USD
    • -5.92
    • -5.42%
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