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San Francisco Gasoline Jumps After Tesoro Reports Vapor Release

Spot gasoline in San Francisco advanced to the highest level against futures in more than seven months after Tesoro Corp.’s Golden Eagle refinery in Northern California reported a vapor release from a unit.

The 170,000-barrel-a-day refinery had a “minor” release today, Megan Arredondo, a spokeswoman at the company’s headquarters in San Antonio, said by e-mail. The plant is running at “planned, unspecified rates,” she said.

California-blend gasoline, or Carbob, in San Francisco gained for a second day against futures traded on the New York Mercantile Exchange, strengthening 7 cents to a premium of 39.5 cents a gallon at 2:13 p.m., according to data compiled by Bloomberg. That’s the highest level since Oct. 9.

Carbob in Los Angeles climbed 2 cents to a premium of 33.5 cents a barrel versus futures.

Phillips 66’s 139,000-barrel-a-day oil refinery in the Los Angeles area planned to shut a hydrogen plant today for short-term repairs, a person with direct knowledge of operations at the plant said.

Some refinery units, including hydrocrackers and hydrotreaters, use hydrogen to produce and remove impurities from oil products.

The premium for Carbob in San Francisco versus the same fuel in Los Angeles widened 5 cents to 6 cents a barrel, the highest in more than two weeks.

Portland Gasoline

Conventional gasoline in Portland, Oregon, was unchanged at 67 cents a gallon above gasoline futures.

Phillips 66’s 100,000-barrel-a-day Ferndale, Washington, refinery began restarting the crude unit yesterday after finishing repairs, a person familiar with operations there said today. The unit was shut last week when a crack was discovered in the main tower, the person said.

California-blend diesel in San Francisco was unchanged at a premium of 4.5 cents a gallon against ultra-low-sulfur diesel futures on the Nymex. The fuel in Los Angeles held at 2.25 cents a gallon below futures.

Low-sulfur diesel in Portland was unchanged at a premium of 17.5 cents a gallon.

The 3-2-1 crack spread of Alaska North Slope crude, Carbob in Los Angeles and CARB diesel in Los Angeles narrowed $1.06 to $23.46 a barrel at 2:15 p.m. New York time. The spread, a rough measure of refining margins, has more than doubled this year.

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