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Discount for San Francisco Gasoline Narrows to Smallest in Week

Aug. 2 (Bloomberg) -- The discount for spot gasoline in San Francisco narrowed to the smallest differential versus futures in more than a week.

California-blend gasoline, or Carbob, in the Northern California area strengthened by 10 cents against gasoline contracts traded on the New York Mercantile Exchange to a discount of 7 cents a gallon, data compiled by Bloomberg at 4:35 p.m. New York time show.

Carbob in Los Angeles climbed 0.75 cent to 7 cents a gallon below futures.

Chevron Corp.’s El Segundo refinery, the largest in the state, was scheduled to shut the No. 2 crude unit this month for maintenance that’s expected to last several weeks, a person familiar with the work said June 13.

California-grade, or CARB, diesel in Los Angeles slipped 0.25 cent against ultra-low-sulfur diesel futures on the Nymex to a premium of 4.75 cents a gallon. The same fuel in San Francisco was unchanged at 4 cents a gallon above futures.

Low-sulfur diesel in Portland, Oregon, a benchmark for the U.S. Pacific Northwest, weakened 0.5 cent to 3 cents a gallon over futures.

Conventional gasoline in Portland weakened against gasoline futures for a second day, losing 2.5 cents to a discount of 2 cents a gallon.

Retail gasoline in California dropped 0.9 cent to $3.969 a gallon, Heathrow, Florida-based AAA, the nation’s largest motoring organization, said today on its website.

The 3-2-1 crack spread of Alaska North Slope crude, Carbob in Los Angeles and CARB diesel in Los Angeles narrowed for a third day, losing 24 cents to $13.58 a barrel at 4:43 p.m. New York time, a one-month low.

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

To contact the editor responsible for this story: Bill Banker at bbanker@bloomberg.net

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