California-Blend Gasoline Gains After State Fuel Stocks Decline
California-blend gasoline rose after a report that fuel supplies in the state fell last week.
Stocks of California-blend, or Carbob, gasoline dropped 1.3 percent to 5.82 million barrels in the week ended March 23, according to the state Energy Commission. California-blend diesel stockpiles decreased 9.6 percent to 2.14 million barrels from a week earlier.
Carbob gasoline in Los Angeles (MOGLDB85) gained 1 cent to a discount of 2 cents a gallon against gasoline futures traded on the New York Mercantile Exchange, according to data compiled by Bloomberg. The same fuel in San Francisco (MOGSD85P) also climbed 1 cent to a 4 cent discount to futures.
Input of crude oil at California refineries dropped 6.4 percent to 10.7 million barrels last week, according to the Energy Commission. Production of Carbob was down 7.7 percent to 6.27 million barrels from a week earlier.
CARB diesel in Los Angeles (DIEILCAD) gained 1.87 cents to a 15 cent- a-gallon premium against Nymex heating oil futures. The same fuel in San Francisco (DIEISCAD) rose 0.5 cent to a 13 cent premium versus futures.
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