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California-Blend Gasoline Gains on Inventory Drop, Chevron Upset

April 12 (Bloomberg) -- California-blend gasoline strengthened against futures after the state said inventories of the fuel fell 12 percent and Chevron Corp.’s El Segundo refinery reported an upset.

California-blend, or Carbob, stocks dropped 451,000 barrels to 5.49 million in the week ended April 6, the lowest level since Dec. 16, the state Energy Commission said in an e-mail late yesterday. Chevron’s 279,000-barrel-a-day El Segundo plant reported an upset in a sulfur recovery unit yesterday.

California-blend gasoline, or Carbob, in Los Angeles rose 5.25 cents to a discount of 3.5 cents a gallon against futures traded on the New York Mercantile Exchange, according to data compiled by Bloomberg. The fuel in Los Angeles previously fell for two days straight.

San Francisco Carbob jumped 6.25 cents to a 4.5-cent discount to gasoline futures.

California-blend, or CARB, diesel in Los Angeles rose 1.5 cents to a premium of 8.5 cents a gallon against Nymex heating oil futures. Inventories of the fuel tumbled 14 percent last week to 2.03 million barrels, the lowest level since November 2010, the state said.

San Francisco CARB diesel was unchanged at an 8.5-cent premium versus futures.

Conventional, 87-octane gasoline in Portland, Oregon, rose 4.25 cents to reach parity with gasoline futures.

Low-sulfur diesel in Portland dropped 9 cents to a 31-cent premium versus heating oil futures.

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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