San Francisco Gasoline Strengthens a Second Day on Refinery Work
San Francisco gasoline strengthened against futures for a second day as Chevron Corp. (CVX)’s El Segundo refinery worked to start units after a power failure and ConocoPhillips (COP)’ Wilmington plant shut a reformer.
California-blend gasoline in San Francisco climbed 1 cent to a premium of 1.6 cents a gallon versus gasoline futures on the New York Mercantile Exchange at 4:06 p.m. New York time, according to data compiled by Bloomberg. Prompt delivery of the fuel rose 0.75 cent to $2.6297 a gallon.
The El Segundo plant, California’s largest oil refinery, may flare until Dec. 9 as it recovers from a windstorm that knocked out power to units and sparked a fire, San Ramon, California-based Chevron said in a filing with the South Coast Air Quality Management District.
Houston-based Conoco also shut a reformer at the 147,000- barrel-a-day Wilmington refinery, south of Los Angeles, for a catalyst regeneration, a person with direct knowledge of the work said. The unit is expected to be down for a week to 10 days, said the person, who declined to be identified because the information isn’t public.
“There is planned maintenance work under way at our Los Angeles refinery,” Rich Johnson, a Conoco spokesman in Houston, said in an e-mail. “Details regarding the specific units involved and the duration of the work are considered proprietary.”
Carbob in Los Angeles slipped 0.15 cent to a premium of 2.45 cents to futures. California-blend diesel, known as CARB diesel, in Los Angeles also fell 0.38 cent to a discount of 2.88 cents against heating oil futures traded on the Nymex, the fuel’s lowest level since Aug. 15.
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