Los Angeles Gasoline Advances on Exxon Breakdown, Supply Drop
Spot gasoline in Los Angeles gained against futures for the first time in three days after Exxon Mobil Corp. (XOM)’s Torrance refinery reported a breakdown and the state said supplies of the fuel dropped last week.
California-blend gasoline stockpiles slipped a second week, falling by 0.9 percent to 6.93 million barrels in the week ended Jan. 25, the state Energy Commission said late yesterday. Production of the fuel tumbled 154,000 barrels to 5.65 million.
Exxon’s 150,000-barrel-a-day Torrance refinery near Los Angeles had a breakdown in a unit at about 5 p.m. yesterday, Gesuina Paras, a spokeswoman at the plant, said by e-mail. The upset isn’t expected to affect the company’s ability to meet customer commitments, she said.
California-blend gasoline, or Carbob, in Los Angeles advanced 4.38 cents to 31.38 cents a gallon above gasoline futures traded on the New York Mercantile Exchange at 1:38 p.m. East Coast time, data compiled by Bloomberg show. That’s the fuel’s highest premium since Oct. 12. Prompt-delivery in Los Angeles rose 4.57 cents to $3.3489 a gallon.
Carbob in San Francisco climbed 0.5 cent to a premium of 7.5 cents a gallon against futures. Prompt-delivery of the fuel rose 0.69 cents to $3.1101 a gallon.
San Francisco Carbob weakened 3.88 cents to a discount of 23.88 cents a gallon against the fuel in Los Angeles, the biggest gap in almost a week.
California-blend, or CARB, diesel in Los Angeles gained 0.5 cent to a 9-cent-a-gallon premium to Nymex heating oil futures. The same fuel in San Francisco climbed 0.5 cent to a premium of 12.5 cents a gallon against futures.
In Portland, low-sulfur diesel strengthened 0.5 cent to 4 cents a gallon above heating oil futures. Conventional, 84- octane gasoline there gained 0.25 cent to a discount of 3.25 cents to gasoline futures, the highest level in a month.
Portland 92-octane gasoline weakened 4.13 cents to 25.1 cents a gallon under Los Angeles Carbob. The gap reached a record 75.5 cents a gallon on Oct. 4.
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