Spot gasoline in Los Angeles dropped to a record seasonal low against futures after Tesoro Corp. (TSO:US)’s Southern California refinery finished unscheduled work and supplies of the fuel hovered above the five-year average.
Tesoro’s 363,000-barrel-a-day Los Angeles refinery was running normally yesterday following unscheduled repairs on a unit that began almost two weeks ago, Tina Barbee, a spokeswoman at the company’s headquarters in San Antonio, said by e-mail late yesterday.
Stockpiles of California-blend gasoline jumped 3.4 percent in the week ended Aug. 9 to 5.77 million barrels a day, 8.4 percent above the five-year average for the period, data compiled by the state Energy Commission show. The agency is scheduled to release last week’s supplies tomorrow.
The discount for Carbob in Los Angeles widened 1.75 cents to 17.75 cents versus futures traded on the New York Mercantile Exchange, the lowest level since December and the smallest for this time of year since at least 2008, according to data compiled by Bloomberg at 3:46 p.m. New York time. Prompt delivery fell 2.36 cents to $2.7497 a gallon.
The same fuel in San Francisco broadened its discount against futures by 2.25 cents to 18.75 cents a gallon. The spread between Carbob in San Francisco and the gasoline in Los Angeles shrank 0.5 cent to 1 cent a gallon.
Conventional gasoline in Portland, Oregon, a benchmark for the U.S. Pacific Northwest, weakened 5 cents against futures to a discount of 9 cents a gallon, a four-month low. Its premium to Los Angeles Carbob widened 3.25 cents to 8.75 cents a gallon.
Low-sulfur diesel in Portland was unchanged against ultra-low-sulfur diesel futures on the Nymex at a discount of 4.5 cents a gallon. California-grade, or CARB, diesel in San Francisco and Los Angeles also held against futures at premiums of 7 cents and 4 cents, respectively.
Retail gasoline in California fell 0.3 cent to average $3.844 a gallon, Heathrow, Florida-based AAA, the nation’s largest motoring organization, said today on its website.
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 four days, broadening $2.33 to $12.19 a barrel at 3:52 p.m. New York time.
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