San Francisco Gasoline Falls for Fourth Day After Supplies Grow
California-blend gasoline in San Francisco fell to the lowest level against futures this month after the state Energy Commission said total supplies climbed for the first time in five weeks.
Inventories rose 3.8 percent in the week ended May 11 to 5.67 million barrels after refineries boosted production of non- California-blend fuel, the commission said in an e-mailed report. California-blend, or Carbob, gasoline stocks slipped 2.7 percent to 4.36 million barrels.
Carbob in San Francisco dropped for a fourth day, declining 4 cents to a premium of 23 cents a gallon above gasoline futures traded on the New York Mercantile Exchange at 3:25 p.m. in New York, according to data compiled by Bloomberg. That’s the narrowest premium for the fuel since April 30.
Royal Dutch Shell Plc (RDSA), based in The Hague, finished work at the 158,000-barrel-a-day Martinez refinery in Northern California, Emily Oberton, a company spokeswoman in Houston, said in an e-mail yesterday. The plant shut a catalytic cracker April 21 for maintenance, according to a filing with county regulators.
BP Plc (BP/) is starting the crude unit at the 266,000-barrel-a- day Cherry Point refinery in Washington state, a person familiar with operations there said yesterday. The unit is expected to resume service later this week, the person said.
Los Angeles Carbob climbed 0.5 cent to a 27.5-cent premium against gasoline futures.
Carbob production dropped 14 percent last week to 5.82 million barrels, the lowest level in at least 10 years, the Energy Commission said.
California-blend diesel, or CARB diesel, supplies fell 17 percent last week, and non-CARB diesel inventories slipped 4.2 percent, the state’s report shows. Total distillate production increased 9.4 percent to 2.15 million barrels.
CARB diesel in Los Angeles slid 2 cents to a premium of 7.5 cents a gallon against Nymex heating oil futures. The same fuel in San Francisco dropped 2.5 cents to 8 cents above futures.
Conventional, 87-octane gasoline in Portland, Oregon, tumbled 7.5 cents to a 60-cent premium versus gasoline futures. Low-sulfur diesel there rose 1 cent to 36.5 cents a gallon above heating oil futures.
Gasoline inventories on the U.S. West Coast, known as the Padd 5 region, fell to the lowest level since 1999, dropping 3.3 percent to 25.3 million barrels, the Energy Department said.
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