Spot gasoline in San Francisco weakened against futures by the most in more than four weeks as the motor fuel in Oregon gained for a fourth straight day.
California-blend gasoline, or Carbob, San Francisco dropped 10 cents to a premium of 11 cents a gallon against gasoline futures traded on the New York Mercantile Exchange at 4:18 p.m. New York time, data compiled by Bloomberg show. That’s biggest daily decline since May 16 and the narrowest differential in four days. Prompt-delivery fell 6.46 cents to $3.0067 a gallon.
The same fuel in Los Angeles tumbled 7.5 cents to a premium of 22 cents a gallon versus futures.
The premium for spot, conventional gasoline in Portland, Oregon, a benchmark for the U.S. Pacific Northwest gained 3.25 cents to 12 cents a gallon, the highest level in three weeks. Low-sulfur diesel there jumped 2.5 cents against ultra-low-sulfur diesel futures on the Nymex to a premium of 3 cents a gallon.
Portland gasoline’s discount to Los Angeles Carbob narrowed 10.75 cents to 10 cents a gallon, the smallest differential in four days.
California-blend, or CARB, diesel in Los Angeles slipped 0.5 cent against ULSD futures to a premium of 3 cents a gallon. CARB diesel in San Francisco also fell 0.5 cent, to 5 cents a gallon above futures.
The 3-2-1 crack spread of Alaska North Slope crude, Carbob in Los Angeles and CARB diesel in Los Angeles dropped $2.04 to $24.24 a barrel, the lowest in four days.