Spot gasoline in San Francisco dropped to the lowest level against futures since January 2008 with stockpiles of the fuel at a five-year high for the season.
California-blend gasoline, or Carbob, inventories rose 6.7 percent to 6.26 million barrels in the week ended Dec. 7, the highest since February and the most for this time of year since 2007, the state Energy Commission said Dec. 12. Gasoline supplies on the U.S. West Coast were at the highest for this time of year since 2001, according to Energy Department data.
Carbob in San Francisco fell 1.5 cents to a discount of 27.5 cents a gallon versus gasoline futures traded on the New York Mercantile Exchange at 4:03 p.m. New York time, data compiled by Bloomberg show. That’s 1.5 cents shy of the fuel’s record low, set on Jan. 22, 2008, at 29 cents below futures.
The fuel in Los Angeles slid 1.5 cents to 19.5 cents a gallon against futures, the lowest level since July 2011.
California-grade, or CARB, diesel in Los Angeles rose 5 cents to a premium of 0.5 cent a gallon against heating oil futures on the Nymex. The fuel in San Francisco slipped 0.5 cent to 0.5 cent a gallon below futures.
In Portland, Oregon, conventional 84 sub-octane gasoline to be blended with ethanol increased 0.5 cent to 12.50 cents a gallon below gasoline futures. Low-sulfur diesel there gained 1.5 cents to a discount of 6 cents a gallon versus heating oil futures.