Spot gasoline in California tumbled against futures for the first time in four days after Exxon Mobil Corp. (XOM:US)’s Torrance refinery restored operations following maintenance and a power failure.
Exxon’s 150,000-barrel-a-day plant reported planned flaring through yesterday and was running normally today, Gesuina Paras, a company spokeswoman in Torrance, said by e-mail. The refinery had been restarting units after a turnaround that began May 3 and a power failure May 30.
Tesoro Corp. (TSO:US) said June 7 that its 266,000-barrel-a-day Carson plant, the second-largest in California, was running at “planned rates.” The refinery reported scheduled flaring through tomorrow and was expected to shut a coker this month for work, two people with knowledge of the schedule said May 15.
California-blend gasoline, or Carbob, in Los Angeles slid 6.5 cents to 13 cents a gallon above Nymex gasoline futures, data compiled by Bloomberg at 3:59 p.m. New York time show. Prompt-delivery tumbled 8.84 cents to $2.9781 a gallon.
Carbob in San Francisco dropped 7.5 cents to a premium of 9 cents a gallon, its lowest level in three days.
The discount for San Francisco Carbob versus the same fuel in Los Angeles widened 1 cent to 4 cents a gallon.
Regular gasoline at pumps in California gained 0.1 cent to $3.961 a gallon, according to Heathrow, Florida-based AAA, the nation’s largest motoring organization.
California-blend, or CARB, diesel in Los Angeles declined 2.63 cents to a 2.5-cent-a-gallon premium against ultra-low-sulfur diesel futures, the lowest level for the fuel in four days. CARB diesel in San Francisco slipped 1 cent to a premium of 1.5 cents a gallon.
Conventional gasoline in Portland, Oregon, dropped 2.5 cents versus futures to a premium of 3.5 cents a gallon. Low-sulfur diesel there fell 0.5 cent against ULSD futures to a discount of 3.5 cents a gallon.
Portland gasoline’s discount to Los Angeles Carbob narrowed 4 cents to 9.5 cents a gallon. The fuel dropped to 15 cents a gallon below Los Angeles last week, the lowest since March.
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 eight days, losing $2.71 to $21.29 a barrel at 4:18 p.m. New York time.
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