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Los Angeles Gasoline Gains After Chevron Refinery Reports Upsets

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Jan. 13 (Bloomberg) -- Los Angeles gasoline advanced for the first time in seven days after Chevron Corp. reported malfunctions at the El Segundo refinery in Southern California.

The fuel’s discount to futures narrowed after Chevron’s 279,000-barrel-a-day El Segundo plant had a compressor trip Jan. 11, according to regulatory filings.

Carbob in Los Angeles gained 3.5 cents to 9.5 cents a gallon below New York Mercantile Exchange futures as of 2:04 p.m. East Coast time, according to data compiled by Bloomberg.

The refinery breakdown may lower fuel production at the same time as two tankers, the Overseas Athens and the Maersk Mikage, headed for Los Angeles, IHS Inc. data show. Both vessels were chartered to load fuel from the U.S. West Coast in the next week for delivery abroad, according to ship-fixture data compiled by Bloomberg.

California-grade, or CARB, diesel in Los Angeles strengthened 0.5 cent against ultra low sulfur diesel futures on the Nymex to a discount of 6 cents a gallon. Jet fuel in Los Angeles dropped 1 cent to 5.5 cents a gallon under ULSD futures.

Carbob in San Francisco was unchanged at a discount of 24 cents a gallon versus futures.

Retail gasoline in California fell 0.5 cent to $3.639 a gallon, according to Heathrow, Florida-based AAA.

The 3-2-1 crack spread, assuming two barrels of Carbob gasoline and one barrel of CARB diesel in Los Angeles is refined out of three barrels of Alaska North Slope crude, widened 64 cents to $9.78 a barrel at 2:06 p.m. New York time, data compiled by Bloomberg show.

Conventional, 87-octane gasoline in Portland, Oregon, a benchmark for the U.S. Pacific Northwest, gained 0.5 cent to a discount of 17.5 cents a gallon. Low-sulfur diesel there weakened 0.25 cent to 5.5 cents a gallon under ULSD futures.

To contact the reporter on this story: Lynn Doan in San Francisco at

To contact the editor responsible for this story: Dan Stets at