California Gasoline Advances on State Supplies at Six-Month LowLynn Doan
Spot gasoline in California gained against futures after the state Energy Commission said stockpiles of the motor fuel tumbled to a six-month low.
California-blend gasoline, or Carbob, supplies tumbled 11 percent to 5.23 million barrels last week, the lowest level since October, the state Energy Commission said on its website late yesterday. It was the biggest weekly decline in inventories since December.
Carbob in Los Angeles gained 2.25 cents against gasoline futures traded on the New York Mercantile Exchange to a premium of 10.25 cents a gallon at 4:16 p.m. East Coast time, according to data compiled by Bloomberg. The same fuel in San Francisco strengthened 2 cents to 24.5 cents a gallon above futures.
California-blend, or Carb, diesel in Los Angeles increased 0.25 cent against ultra-low-sulfur diesel futures on the Nymex to a premium of 1 cent a gallon. CARB diesel in San Francisco weakened 0.5 cent to 6 cents a gallon more than futures.
Carb diesel inventories jumped 21 percent last week to 2.68 million barrels, the highest level since January, the state Energy Commission said.
Conventional gasoline in Portland, Oregon, strengthened by 1 cent to 5.5 cents a gallon over Nymex futures. Low-sulfur diesel there was unchanged at a premium of 5 cents a gallon.