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San Francisco Gasoline Advances to Week-High After Valero Upset

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July 1 (Bloomberg) -- Spot gasoline in San Francisco strengthened for a third day to the highest level in a week as Valero Energy Corp.’s Northern California refinery worked to increase rates at a unit following an upset over the weekend.

Valero’s 170,000-barrel-a-day Benicia refinery was returning the fluid catalytic cracker to planned rates after a “brief outage” June 29, Bill Day, a spokesman at the company’s headquarters in San Antonio, said by e-mail today.

“No material impact to production is expected,” he said.

California-blend gasoline, or Carbob, in San Francisco jumped 6 cents to a premium of 13 cents a gallon against futures traded on the New York Mercantile Exchange, the highest since June 24, according to data compiled by Bloomberg at 4:27 p.m. Prompt-delivery rose a third day, up 8.23 cents to $2.8679 a gallon.

The same fuel in Los Angeles climbed 1 cent versus futures to a premium of 10 cents a gallon.

Exxon Mobil Corp.’s 150,000-barrel-a-day Torrance refinery in Southern California plans to flare gases from tomorrow through July 4, a notice to the South Coast Air Quality Management District shows. The flaring isn’t related to a breakdown, according to the filing.

Carbob in San Francisco gained 5 cents against the fuel in Los Angeles to a premium of 3 cents a gallon, its highest level since May 30.

Retail gasoline in California slipped 0.6 cent to $3.998 a gallon, Heathrow, Florida-based AAA, the nation’s largest motoring organization, said today on its website. Prices are up from $3.755 a year ago.

The premium for spot, conventional gasoline in Portland, Oregon, rose 0.25 cent to 13 cents a gallon versus futures. Portland gasoline weakened 0.75 cent against Los Angeles Carbob to a premium of 3 cents a gallon.

The 3-2-1 crack spread of Alaska North Slope crude, Carbob in Los Angeles and California-grade diesel in Los Angeles widened for the first time in eight days, gaining 10 cents to $13.34 a barrel at 4:18 p.m. New York time.

To contact the reporter on this story: Lynn Doan in San Francisco at ldoan6@bloomberg.net

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

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