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Carbob Gasoline Premium Falls as Chevron Said to Start Unit

Nov. 28 (Bloomberg) -- California-blend gasoline in Los Angeles fell against futures after Chevron Corp. was said to be preparing for the start of a gasoline-making unit at the El Segundo refinery in Southern California.

California-blend gasoline, or Carbob, in Los Angeles dropped 2 cents to a premium of 5 cents a gallon versus gasoline futures traded on the New York Mercantile Exchange at 4:11 p.m. East Coast time, according to data compiled by Bloomberg. Prompt-delivery of the fuel rose 4.35 cents to $2.5677 a gallon.

Chevron’s 279,000-barrel-a-day El Segundo refinery shut the fluid catalytic cracker, which processes vacuum gasoil into gasoline and other products, for repairs in October, two people with knowledge of the work said Nov. 21. The unit’s start was scheduled to begin tomorrow, said one of the people, who declined to be identified because the information isn’t public.

Chevron, based in San Ramon, California, reported planned flaring at the refinery from tomorrow through Dec. 1, according to a notice filed with the South Coast Air Quality Management District. The emissions aren’t related to a breakdown, the filing showed.

Carbob in San Francisco lost 1 cent, narrowing its premium to 2.5 cents against futures.

California-blend diesel in Los Angeles fell 2.5 cents to a premium of 1.25 cents to heating oil futures traded on the Nymex. The same fuel in San Francisco was unchanged at a premium of 1.75 cents.

Conventional, 87-octane gasoline in Portland, Oregon, was unchanged at a discount of 3.75 cents to futures, holding at the fuel’s lowest level since Aug. 5.

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

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