Los Angeles gasoline climbed to a one-month high relative to futures as two ships were chartered off the U.S. West Coast, drawing supplies from the region while an area refinery performs unplanned work.
California-grade gasoline in Los Angeles, or Carbob, rose 4 cents to a premium of 3.5 cents versus futures on the New York Mercantile Exchange at 1:39 p.m, the strongest level since Nov. 26, according to data compiled by Bloomberg. California-grade, or CARB, diesel held at a discount of 3 cents a gallon to Nymex ultra low sulfur diesel futures.
Ships including the Buddy and Iver Expert were chartered from the coast in the past seven days, according to Bloomberg fixture data. One ship, the Stena Concert, left the region the previous week.
Tesoro Corp. (TSO) continued unscheduled work on a No. 2 reformer at its Carson refinery while preparing to shut a hydrocracker for six weeks of maintenance at its Wilmington plant. The two sites, both part of the company’s Los Angeles complex, have a combined capacity of 363,000 barrels a day.
The 3-2-1 crack spread, assuming two barrels of Carbob gasoline and one barrel of CARB diesel in Los Angeles is refined out of three barrels of Alaska North Slope crude, rose 81 cents to $12.84 a barrel, a fifth consecutive advance, according to data compiled by Bloomberg.
Carbob gasoline in San Francisco climbed 4.5 cents to 4.5 cents below futures, while CARB diesel in the region was unchanged at a discount of 8 cents.
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