Los Angeles Gasoline Slips From Month-High as Plants Finish Work
Tesoro Corp. (TSO)’s Wilmington refinery completed a maintenance turnaround last month and Exxon Mobil Corp. (XOM) was scheduled to wind up repairs at the 150,000-barrel-a-day Torrance plant last week. Phillips 66 (PSX)’s Los Angeles refinery restarted an isomerization unit last week that had been shut because of a line leak, a person with knowledge of the repairs said.
California-blend gasoline, or Carbob, in Los Angeles fell 3.75 cents to a discount of 0.5 cent a gallon against gasoline futures traded on the New York Mercantile Exchange at 3:44 p.m. East Coast time, according to data compiled by Bloomberg. The fuel rose yesterday to its highest level since Feb. 26.
Carbob in San Francisco slipped 0.5 cent against futures to a premium of 5 cents a gallon.
The premium for Carbob in San Francisco over Los Angeles widened for the third day, gaining 3.25 cents to 5.5 cents a gallon, the biggest spread since September and the highest level for this time of year since at least 2008.
California-blend, or CARB, diesel in San Francisco advanced 2.75 cents against Nymex heating oil futures to a premium of 7.25 cents a gallon. The fuel in Los Angeles weakened for the first time in four days, slipping 0.75 cent to 3.5 cents a gallon over futures.
In Portland, Oregon, low-sulfur diesel was unchanged at a premium of 14 cents a gallon over heating oil futures. Conventional, 84-octane gasoline there strengthened for the fourth day, gaining 4 cents to a discount of 15 cents a gallon versus gasoline futures.
The 3-2-1 crack spread of Alaska North Slope crude, Carbob in Los Angeles and CARB diesel in Los Angeles gained a fifth day, increasing $3.28 to $20.61 a barrel at 3:48 p.m. New York time, the biggest differential since March 6.
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