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San Francisco Gasoline Premium Widens as Chevron Restart Delayed

Gasoline on the spot market in San Francisco strengthened to a six-month high against New York futures after Chevron Corp. (CVX) was said to delay restarting the crude unit at its Richmond refinery.

The plant’s only crude unit, shut since a fire Aug. 6, is scheduled to start being filled with oil April 20, a person familiar with operations at the plant said. The equipment had been expected to begin processing oil last week, said the person, who asked not to be identified because the information isn’t public.

California-blend gasoline in San Francisco strengthened 2 cents to 23.5 cents a gallon above futures traded on the New York Mercantile Exchange at 4:02 p.m. in New York, according to data compiled by Bloomberg. It’s the biggest premium for San Francisco gasoline since Oct. 12.

California-blend gasoline in Los Angeles weakened by 3.5 cents to 10.75 cents a gallon over futures. Conventional gasoline in Portland, Oregon, was unchanged at 5.5 cents a gallon above futures.

California-blend diesel in San Francisco fell 12 cents to a premium of 9 cents a gallon above ultra-low-sulfur diesel futures on the Nymex. The fuel in Los Angeles weakened by 2.13 cents to 1.75 cents a gallon above futures.

Low-sulfur diesel in Portland slipped 0.5 cent to an 8.5- cents-a-gallon premium.

To contact the reporter on this story: Dan Murtaugh in Houston at dmurtaugh@bloomberg.net

To contact the editor responsible for this story: Dan Stets at dstets@bloomberg.net

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