San Francisco Gasoline Dips After State Reports Inventory GrowthDan Murtaugh
San Francisco gasoline on the spot market sank to the lowest level in three weeks after the California Energy Commission reported gasoline supplies grew 9.6 percent last week.
California-blend gasoline, or Carbob, inventories rose to 6.83 million barrels in the week ended Jan. 4, the commission said on its website yesterday. State-blend diesel supplies increased 4.8 percent to 3.02 million barrels.
San Francisco Carbob fell 4 cents to a 16.5-cent discount to futures on the New York Mercantile Exchange at 3:58 p.m. in New York, according to data compiled by Bloomberg. It’s the largest gap since Dec. 20.
The same fuel in Los Angeles was unchanged at parity with futures. Conventional, 84-octane gasoline in Portland, Oregon, strengthened 4.5 cents to a 23 cents a gallon below futures.
California-blend diesel in Los Angeles weakened 0.75 cent to a 6.5-cent-a-gallon premium to heating oil futures in New York. The fuel in San Francisco was unchanged at a 4-cent discount. In Portland, low-sulfur diesel gained 5 cents to 5 cents below futures.