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Northwest Gasoline Surges to 11-Month High After Tesoro Repairs

Spot gasoline in Portland, Oregon, surged to the highest level against futures in more than 11 months after Tesoro Corp.’s Anacortes refinery in Washington state was said to repair a fluid catalytic cracker.

Tesoro’s 125,000-barrel-a-day Anacortes plant shut the cracking unit, which turns fuel from the crude unit into lighter products such as gasoline, on May 6 after discovering a catalyst leak, a person with direct knowledge of operations there said May 7. The refinery is running normally after finishing unscheduled maintenance on a unit, Tina Barbee, a spokeswoman at the company’s headquarters in San Antonio, said by e-mail today.

Conventional gasoline in Portland advanced 12 cents to a premium of 67 cents a gallon against futures traded on the New York Mercantile Exchange at 4:11 p.m., data compiled by Bloomberg show. That’s the highest level since May 30, 2012.

The Anacortes refinery ships gasoline, jet fuel and diesel by pipeline to western Washington and Oregon and delivers products including California-blend gasoline by ship and barge, according to Tesoro’s website.

California-blend gasoline in San Francisco gained 5 cents against futures to a premium of 32.5 cents a gallon. The same fuel in Los Angeles dropped 4 cents to 31.5 cents above futures.

Low-sulfur diesel in Portland jumped 9 cents versus ultra-low-sulfur diesel futures on the Nymex to a premium of 17.5 cents a gallon, its highest level since March 27.

California-blend diesel in San Francisco slipped 0.5 cent versus ULSD futures to a premium of 4.5 cents a gallon. The fuel in Los Angeles was unchanged at a discount of 2.25 cents.

The 3-2-1 crack spread of Alaska North Slope crude, Carbob in Los Angeles and CARB diesel in Los Angeles climbed for the first time in three days, gaining 11 cents to $24.52 a barrel at 4:13 p.m. New York time. The spread, a rough measure of refining margins, has more than doubled since the beginning of this year.

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