San Francisco Gasoline Gains Third Day on Benicia Work

Spot gasoline in San Francisco gained for a third day against futures as Valero Energy Corp. performed work at the Benicia plant in Northern California amid tight West Coast supplies.

The hydrocracker at the 170,000-barrel-a-day Benicia refinery was offline today because of work on a hydrogen plant, Bill Day, a Valero spokesman in San Antonio, said in an e-mail. Stockpiles of California-blend gasoline dropped 5.5 percent last week to 6.24 million barrels, the lowest level since Dec. 28, according to the state Energy Commission. Output fell 3.2 percent to 6.01 million barrels during the period.

Carbob in San Francisco gained 4 cents to a discount of 8 cents a gallon against futures traded on the New York Mercantile Exchange at 4 p.m., the highest level since Feb. 26, data compiled by Bloomberg show.

The same fuel in Los Angeles gained 1.5 cents to a discount of 8.5 cents a gallon, the second straight advance against futures. BP Plc’s Carson refinery may run at lower rates for several days during work on a fluid catalytic cracker, a person with knowledge of the maintenance said yesterday.

California-blend, or CARB, diesel in Los Angeles tumbled 3.12 cents against Nymex heating oil futures to a premium of 1.38 cents a gallon, the lowest level since Dec. 18. The same fuel in San Francisco rose 1 cent to a premium of 7.5 cents.

In Portland, Oregon, low-sulfur diesel fell by 2 cents to premium of 13.5 cents a gallon against futures, the second straight decline. Conventional, 84-octane gasoline in Portland was unchanged versus gasoline futures at a discount of 16 cents a gallon.

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