San Francisco gasoline weakened to the lowest level against futures since August after Chevron Corp. (CVX) said all units affected by a power failure at the El Segundo refinery in California returned to service.
California-blend gasoline in San Francisco fell 3.6 cents to a discount of 2 cents a gallon versus gasoline futures on the New York Mercantile Exchange at 4:30 p.m. New York time, according to data compiled by Bloomberg. That’s the lowest level for the fuel in San Francisco since Aug. 16 and the largest drop since Nov. 21.
The El Segundo plant, California’s largest oil refinery, restored production to all units affected by a wind storm Nov. 30 that knocked out power to the region, Rod Spackman, a company spokesman at the refinery, said in an e-mail. The San Ramon, California-based company said last week that the refinery may flare until Dec. 9 as units recovered.
Units “have returned to service and the refinery is operating normally,” Spackman said.
Carbob inventories also jumped 13 percent to 5.61 million barrels last week from a week earlier, the state Energy Commission said. California-blend diesel stocks rose 1.1 percent to 2.64 million barrels, the state said.
Non-Carbob gasoline stocks tumbled 20 percent to 873,000 barrels and non-CARB diesel inventories slipped 1.1 percent to 1.12 million, the commission said.
Carbob in Los Angeles fell for the third day, by 1.75 cents to reach parity with futures. California-blend diesel, known as CARB diesel, in Los Angeles was unchanged at a discount of 2.88 cents against heating oil futures traded on the Nymex.
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