California Gasoline Drops After Tesoro Reports Refinery Starts
Spot gasoline in California slipped against futures after Tesoro Corp. (TSO) reported a unit startup at the Golden Eagle refinery and said the Los Angeles plant was resuming operations following a power disruption.
Tesoro’s 170,000-barrel-a-day Golden Eagle refinery in Northern California reported a “major unit startup” over the weekend, a notice e-mailed by the Contra Costa County hazardous materials division yesterday showed. The company’s 97,000- barrel-a-day Los Angeles plant was returning units to normal operation after a “power dip” yesterday, said Tina Barbee, a spokeswoman at Tesoro headquarters in San Antonio.
The premium for California-blend gasoline, or Carbob, in San Francisco fell 3.5 cents to 24.5 cents a gallon versus gasoline futures traded on the New York Mercantile Exchange at 1:47 p.m. East Coast time, data compiled by Bloomberg show. The same fuel in Los Angeles also dropped 3.5 cents to 24.5 cents a gallon above futures.
The Golden Eagle and Los Angeles refineries “continue to meet all product supply commitments,” Barbee said by e-mail.
California-blend, or CARB, diesel in San Francisco tumbled 5 cents to 31.5 cents a gallon above Nymex heating oil futures, falling from a record high. CARB diesel in Los Angeles slipped 1 cent to 29 cents a gallon over futures.
Conventional, 87-octane gasoline in Portland, Oregon, dropped 4 cents to a premium of 30.5 cents a gallon versus gasoline futures. Low-sulfur diesel in Portland weakened 0.5 cent to 30.5 cents a gallon above heating oil futures.
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