Los Angeles Gasoline Gains First Time in 3 Days as Supplies Drop
California-blend gasoline stockpiles dropped to 5.53 million barrels in the seven days ended Aug. 23, a five-week low, the agency’s website shows. Gasoline supplies on the U.S. West Coast, known as the PADD 5 region, fell by the most since April, shrinking 3.6 percent to 28.4 million barrels, the Energy Information Administration, the Energy Department’s statistical arm, said.
The discount for California-blend gasoline, or Carbob, in Los Angeles versus futures traded on the New York Mercantile Exchange narrowed 2.5 cents to 4 cents a gallon at 4:28 p.m. New York time, data compiled by Bloomberg show.
Retail gasoline in California fell 0.2 cent to average $3.809 a gallon, down 8 percent from a year ago, according to Heathrow, Florida-based AAA, the nation’s largest motoring organization, said on its website.
Conventional gasoline in Portland, Oregon, a benchmark for the U.S. Pacific Northwest, shrank its discount to Nymex futures by 1.5 cents to 16 cents a gallon.
The 3-2-1 crack spread of Alaska North Slope crude, Carbob in Los Angeles and California-grade diesel in Los Angeles, broadened for the first time in three days, widening by $1.73 to $12.27 a barrel at 5:17 p.m. New York time.
To contact the reporter on this story: Lynn Doan in San Francisco at email@example.com
To contact the editor responsible for this story: Dan Stets at firstname.lastname@example.org