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California Gasoline Rises After Shell Refinery Reports Upset

California-blend gasoline gained against futures after Royal Dutch Shell Plc reported a wet-gas compressor malfunction at a refinery in Northern California.

Shell’s 158,000-barrel-a-day Martinez refinery flared sulfur dioxide at 11:09 p.m. local time yesterday after a “wet gas compressor problem,” The Hague-based company said in a filing with the California Emergency Management Agency. Emily Oberton, a Shell spokeswoman in Houston, declined to comment.

California-blend gasoline, or Carbob, in San Francisco advanced 2.75 cents to a premium of 9 cents a gallon versus futures traded on the New York Mercantile Exchange at 4:52 p.m. East Coast time, according to data compiled by Bloomberg. The same fuel in Los Angeles also rose 2.75 cents to a 9-cent premium to futures.

Carbob tumbled yesterday after Exxon Mobil Corp. and Phillips 66 restored operations at their refineries in Southern California following upsets.

California-blend, or CARB, diesel in Los Angeles gained 0.75 cent to a premium of 4.5 cents a gallon against Nymex heating oil futures. San Francisco CARB diesel dropped 1.75 cents, to parity with futures.

Carbob gasoline inventories rose 5.4 percent last week to 4.8 million barrels from 4.55 million a week earlier, the state Energy Commission said in an e-mailed report yesterday. California-blend, or CARB, diesel supplies dropped 9.4 percent to 2.14 million barrels, the state said.

The discount for conventional, 87-octane gasoline in Portland, Oregon, strengthened 1 cent to a 5.5-cents-a-gallon discount to gasoline futures. Low-sulfur diesel in Portland was unchanged at 11.5 cents a gallon over heating oil futures.

Gasoline inventories in the U.S. West Coast, known as the PADD 5 region, slipped 1.1 percent to 27.1 million barrels last week, the Energy Department said yesterday. Low-sulfur diesel supplies in the region climbed 0.4 percent to 10.7 million barrels, the agency said.

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