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Portland Gasoline Weakens Against Futures on Refineries

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Feb. 28 (Bloomberg) -- Spot gasoline in Portland dropped against futures by the most in almost two months, reaching a discount for the first time since Feb. 4.

Portland 84-octane gasoline slid 14 cents to a discount of 3 cents a gallon against futures traded on the New York Mercantile Exchange at 1:49 p.m. Eastern time, according to data compiled by Bloomberg, the biggest swing since Jan. 4.

Los Angeles gasoline’s discount lost 12.5 cents yesterday and San Francisco’s declined 12 cents as refineries in Southern California restored production after planned work.

“It’s catching up to what happened in San Francisco and Los Angeles yesterday,” said Chris Mennis, president of broker New Wave Energy LLC in Aptos, California. “There’s poor demand on the West Coast and two turnarounds completed.”

California-blend gasoline in Los Angeles advanced 1.25 cents today to a discount of 3.75 cents a gallon against New York futures, while the fuel in San Francisco gained 3.75 cents to a discount of 11.25 cents.

California-blend, or CARB, diesel in San Francisco slid 3.75 cents to a premium of 10.75 cents a gallon against heating oil futures traded on the Nymex. The premium for the same fuel in Los Angeles narrowed 2.75 cents to 13.25 cents a gallon.

Low-sulfur diesel in Portland gained 0.5 cent to a premium of 13.5 cents a gallon.

To contact the reporter on this story: Kenneth Christensen in New York at kchristense9@bloomberg.net

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

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