San Francisco Gasoline Strengthens by Most in Two Weeks on WorkLynn Doan
Spot gasoline in San Francisco strengthened against futures traded in New York by the most in two weeks as refineries performed maintenance.
California-blend gasoline, or Carbob, in San Francisco gained 4.5 cents to a discount of 23 cents a gallon against futures traded on the New York Mercantile Exchange at 1:24 p.m. East Coast time, data compiled by Bloomberg show. That’s the biggest increase for the fuel since Jan. 8.
Chevron Corp.’s 279,000-barrel-a-day El Segundo plant, California’s largest refinery, is conducting work on process units, as are Tesoro Corp.’s Los Angeles plant and BP Plc’s Carson refinery.
Carbob in Los Angeles was unchanged at a discount of 5.5 cents a gallon against futures.
Valero Energy Corp.’s 78,000-barrel-a-day Wilmington plant near Los Angeles resumed service by the fluid catalytic cracker and the alkylation unit, which were shut Dec. 21 to repair a leak, Bill Day, a spokesman at the company’s headquarters in San Antonio, said by e-mail on Jan. 18.
Carbob in San Francisco narrowed its discount to Los Angeles by 4.5 cents to 17.5 cents a gallon, the smallest gap since Jan. 10. It weakened to a record 32.5 cents a gallon below Los Angeles on Jan. 14.
California-blend, or CARB, diesel in Los Angeles gained 0.25 cent to a 7.5-cent-a-gallon premium to Nymex heating oil futures. The same fuel in San Francisco strengthened 4.5 cents to a premium of 2.5 cents a gallon against futures.
In Portland, low-sulfur diesel was unchanged at a discount of 9 cents a gallon against heating oil futures, while conventional, 84-octane gasoline weakened 3 cents to 23 cents a gallon below the Nymex gasoline contract.