San Francisco Gasoline Gains to Week-High as Tankers Head West
Spot gasoline in San Francisco gained for the second straight day against futures to the highest level in a week as oil-product tankers headed to the U.S. West Coast to load supplies for export.
California-blend gasoline, or Carbob, in San Francisco advanced 13.5 cents against gasoline futures traded on the New York Mercantile Exchange to a premium of 30 cents a gallon at 4:08 p.m. New York time, data compiled by Bloomberg show. Prompt-delivery jumped 15.83 cents to $3.1794 a gallon.
Carbob in Los Angeles strengthened 12 cents against futures to a premium of 38.5 cents a gallon.
The discount for San Francisco Carbob versus the same fuel in Los Angeles narrowed for a second day, easing 1.5 cents to 8.5 cents a gallon, the smallest in three days.
The oil-products tanker Eagle Express, chartered by BP Plc (BP/) to deliver fuel from the West Coast to the South and Central America region, was scheduled to arrive in the Los Angeles area on June 21, according to ship-fixture data compiled by Bloomberg and IHS Inc. (IHS) data.
Chevron Corp. (CVX)’s 279,000-barrel-a-day El Segundo refinery, the largest in California, plans to shut the No. 4 crude unit in July for short-term work, a person familiar with the schedule said June 13. The No. 2 crude unit will be brought down in August for weeks-long maintenance, the person said.
The premium for spot, conventional gasoline in Portland, Oregon, a benchmark for the U.S. Pacific Northwest, strengthened for the sixth straight day against futures, gaining 4 cents to a premium of 17 cents a gallon. That’s the fuel’s highest level in four weeks.
The Marlin Topaz, a chemicals and oil-products tanker chartered by Royal Dutch Shell Plc (RDSA) to deliver fuel to Chile from the West Coast, was traveling off the coast of San Francisco, data compiled by Bloomberg show. The vessel was scheduled to arrive in Anacortes, Washington, on June 20, according to IHS data.
Portland gasoline’s discount to Los Angeles Carbob widened 8 cents to 21.5 cents a gallon.
Retail gasoline in the state climbed 0.3 cent to $3.986 a gallon, Heathrow, Florida-based AAA, the nation’s largest motoring organization, said today on its website. Prices at the pump are down from $3.990 a gallon a year ago.
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