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San Francisco Gasoline Falls to Three-Week Low as Work Nears End

May 17 (Bloomberg) -- California-blend gasoline in San Francisco tumbled to the lowest level against futures in three weeks as seasonal refinery work neared completion and the state Energy Commission said total supplies climbed last week.

Inventories rose 3.8 percent in the week ended May 11 to 5.67 million barrels after refineries boosted production of non-California-blend fuel, the state said yesterday. Royal Dutch Shell Plc finished work at the 158,000-barrel-a-day Martinez plant, and Tesoro Corp. reported two equipment startups at the 170,000-barrel-a-day Golden Eagle plant last week, notices to county regulators showed.

Carbob in San Francisco dropped for a fifth day, declining 8 cents to a premium of 15 cents a gallon above gasoline futures traded on the New York Mercantile Exchange at 4:25 p.m. in New York, according to data compiled by Bloomberg. That’s the narrowest premium for the fuel since April 25.

BP Plc was scheduled to return a crude unit to service at the 266,000-barrel-a-day Cherry Point refinery in Washington state this week, a person familiar with operations there said May 15.

Los Angeles Carbob fell 4.5 cents to a 23-cent premium against gasoline futures, the lowest since April 30.

CARB diesel in Los Angeles was unchanged at 7.5 cents a gallon above Nymex heating oil futures. The same fuel in San Francisco slipped 0.5 cent to a 7.5-cent premium to futures.

Conventional, 87-octane gasoline in Portland, Oregon, weakened 2.5 cents to a 57.5-cent premium versus gasoline futures. Low-sulfur diesel there dropped 5.5 cents to 31 cents a gallon above 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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