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West Coast Gasoline Weakens on Growth of California Stockpiles

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May 30 (Bloomberg) -- California-blend gasoline fell as stockpiles of the fuel grew in California and BP Plc’s Cherry Point refinery in Washington increased production to normal rates.

California-blend, or Carbob, gasoline in San Francisco weakened 10 cents to a premium of 24 cents a gallon versus gasoline futures traded on the New York Mercantile Exchange, according to data compiled by Bloomberg.

Los Angeles Carbob fell 9 cents to a premium of 18 cents a gallon above futures. Both premiums are the smallest since May 22.

The California Energy Commission released a report today showing that stocks of Carbob increased 12 percent last week from the previous week to 5.13 million barrels.

BP also returned to normal rates yesterday at its 266,000-barrel-a-day plant at Cherry Point, Washington’s largest refinery, according to a person familiar with operations at the plant. BP shut the refinery after a Feb. 17 fire at the crude unit and moved up a maintenance turnaround to coincide with repairs.

Conventional, 87-octane gasoline in Portland, Oregon, fell 1.5 cents to a premium of 84.5 cents a gallon versus New York futures. The fuel rose to its highest-ever level of 91 cents above futures May 23.

Low-sulfur diesel in Portland weakened 6 cents to an 18.5-cent-a-gallon premium to New York heating oil futures.

California-blend, or CARB, diesel weakened 0.87 cent in Los Angeles to 5.88 cents above futures. In San Francisco it weakened 0.25 cent to a premium of 7 cents.

To contact the reporter on this story: Dan Murtaugh in Houston at dmurtaugh@bloomberg.net

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

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