San Francisco gasoline on the spot market sank to the lowest level in three weeks after the California Energy Commission reported gasoline supplies grew 9.6 percent last week.
California-blend gasoline, or Carbob, inventories rose to 6.83 million barrels in the week ended Jan. 4, the commission said on its website yesterday. State-blend diesel supplies increased 4.8 percent to 3.02 million barrels.
San Francisco Carbob fell 4 cents to a 16.5-cent discount to futures on the New York Mercantile Exchange at 3:58 p.m. in New York, according to data compiled by Bloomberg. It’s the largest gap since Dec. 20.
The same fuel in Los Angeles was unchanged at parity with futures. Conventional, 84-octane gasoline in Portland, Oregon, strengthened 4.5 cents to a 23 cents a gallon below futures.
California-blend diesel in Los Angeles weakened 0.75 cent to a 6.5-cent-a-gallon premium to heating oil futures in New York. The fuel in San Francisco was unchanged at a 4-cent discount. In Portland, low-sulfur diesel gained 5 cents to 5 cents below futures.