San Francisco Gasoline Slips as Tesoro Finishes Refinery Work

Spot gasoline in San Francisco weakened for the third straight day as Tesoro Corp. (TSO) said the Golden Eagle refinery in Northern California was running normally after repairs.

The 170,000-barrel-a-day refinery had been performing planned maintenance since last week, Tina Barbee, a Tesoro spokeswoman at the company’s headquarters in San Antonio, said by e-mail.

The discount for California-blend gasoline, or Carbob, in San Francisco broadened 4.5 cents to 11.5 cents a gallon versus futures traded on the New York Mercantile Exchange at 3:56 p.m. New York time, the lowest level for this season since at least 2008, data compiled by Bloomberg show.

Carbob in Los Angeles weakened a second day, dropping 1 cent to 6.5 cents below futures. The premium for Carbob in Southern California versus the same fuel in San Francisco widened 3.5 cents to 5 cents a gallon, the biggest in more than three weeks.

Conventional gasoline in Portland, Oregon, a benchmark for the U.S. Pacific Northwest, slipped 0.25 cent to 17.5 cents a gallon below Nymex.

Retail gasoline in California fell 0.2 cent to average $3.811 a gallon, Heathrow, Florida-based AAA, the nation’s largest motoring organization, said on its website.

The 3-2-1 crack spread of Alaska North Slope crude, Carbob in Los Angeles and California-grade diesel in Los Angeles, narrowed a second day, shrinking 67 cents to $10.54 a barrel at 4:06 p.m. New York time.

To contact the reporter on this story: Lynn Doan in San Francisco at ldoan6@bloomberg.net

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

Bloomberg reserves the right to remove comments but is under no obligation to do so, or to explain individual moderation decisions.

Please enable JavaScript to view the comments powered by Disqus.