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San Francisco Diesel Rises to Record on 7-Year Supply Low

Spot diesel in San Francisco rose to the highest level against futures since at least 2007 after a fire at Phillips 66’s Rodeo refinery in Northern California yesterday was said to shut the coker plant.

Phillips 66 was circulating fuel through a section of the coker while a second area was shut for repairs, a person with knowledge of the incident said.

The unit, which converts heavy oil feedstocks into lighter products such as naphtha and heating oil, was expected to run at 50 percent of capacity later today and at full rates by the end of the week, said the person, who asked not to be identified because the information isn’t public.

California-blend, or CARB, diesel in San Francisco gained 1 cent to 34 cents a gallon above heating oil futures on the New York Mercantile Exchange at 1:47 p.m. East Coast time, data compiled by Bloomberg show. That’s the highest premium for the fuel since Bloomberg began assessing prices there in November 2007.

The refinery extinguished a “small fire” in a unit yesterday, Rich Johnson, a Phillips 66 spokesman at the company’s headquarters in Houston, said by e-mail. He declined to comment on the unit’s status.

CARB Diesel

CARB diesel in Los Angeles advanced 2.5 cents to 33 cents a gallon above Nymex heating oil futures, the highest level in more than nine months.

CARB diesel inventories tumbled 15 percent, or 303,000 barrels, to 1.75 million in the week ended Aug. 24, the state Energy Commission said by e-mail. That’s the lowest level since August 2005 and the third weekly decline.

Royal Dutch Shell Plc’s 158,000-barrel-a-day Martinez refinery in Northern California reported a planned shutdown of the flexicoker Aug. 28, a filing with the Contra Costa County hazardous materials division showed. Tesoro Corp.’s 170,000-barrel-a-day Golden Eagle refinery also cut diesel output last week after a compressor failure at a hydrodesulfurization unit, a person with direct knowledge of the upset said Aug. 21.

Chevron Corp. has been producing fuels at a reduced capacity at the 240,000-barrel-a-day Richmond refinery, the largest in Northern California, since an Aug. 6 fire shut the plant’s only crude unit.

California-blend gasoline, or Carbob, in San Francisco gained 1.5 cents to 25.5 cents a gallon above Nymex gasoline futures. The same fuel in Los Angeles rose 3.5 cents to 25.5 cents a gallon over futures.

Conventional, 87-octane gasoline in Portland, Oregon, jumped 8 cents to a premium of 35 cents a gallon. The fuel began to be priced against October futures instead of the September contract yesterday. Low-sulfur diesel in Portland increased 4 cents to 30.5 cents a gallon above heating oil futures.

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