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Los Angeles Gasoline Drops as Exxon Restarts Torrance Units

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Dec. 1 (Bloomberg) -- Spot gasoline in Los Angeles dropped after Exxon Mobil Corp. said it returned units to service at its refinery in Torrance, southern California.

A Nov. 24 power failure and a subsequent mechanical issue shut some units of the refinery, curbing production. Plant operations at the 155,800-barrel a-day refinery have returned to normal, Aarti Ramachandran, a company spokeswoman, said in a telephone interview yesterday.

Planned flaring at Torrance from today through Dec. 3 isn’t related to the issues last week and won’t affect production, said Barbara Burgett, a refinery spokeswoman.

The premium for California-blend gasoline, or Carbob, in Los Angeles dropped 1.25 cents to 7.5 cents a gallon versus January-delivery futures traded on the New York Mercantile Exchange as of 4:10 p.m. New York time, according to data compiled by Bloomberg. Prompt delivery of the fuel rose 10.11 cents to $2.3754 a gallon.

Carbob’s premium in San Francisco was unchanged at 5.75 cents a gallon. The prompt price advanced 11.36 cents to $2.3579 a gallon.

The premium for conventional, 87-octane gasoline in Portland added 2.5 cents to 7.5 cents as the grade advanced 6.02 cents to $2.3754.

The discount for conventional, 87-octane gasoline on the Gulf Coast narrowed 0.62 cent to 4.75 cents a gallon as of 4:20 p.m. New York time. The grade advanced 10.73 cents to $2.2529 a gallon.

The premium to January futures for the same fuel in New York widened 4.5 cents to 6 cents a gallon. The grade climbed 8.02 cents to $2.3604.

Gasoline for January delivery gained 11.36 cents, or 5.2 percent, to settle at $2.3004 a gallon on the Nymex, the highest settlement for the front-month contract since May 4.

To contact the reporters on this story: Samantha Zee in San Francisco at szee@bloomberg.net

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