California Gasoline Climbs After BP, Exxon Plants Report FlaringLynn Doan
Spot gasoline in California gained against futures for the first time in four days as BP Plc and Exxon Mobil Corp. reported flaring at refineries on the U.S. West Coast.
BP’s 234,000-barrel-a-day Cherry Point plant in Washington said there were emissions from the No. 1 diesel unit on May 25, a federal regulatory notice showed. Exxon’s 150,000-barrel-a-day Torrance refinery in Southern California reported planned flaring yesterday, according to a notice to the California Emergency Management Agency.
California-blend gasoline, or Carbob, in Los Angeles climbed 0.88 cent against futures traded on the New York Mercantile Exchange to a premium of 3.88 cents a gallon at 4:13 p.m. New York time, rising from a seven-week low, data compiled by Bloomberg show. Prompt-delivery of the fuel gained 2.61 cents to $2.8842 a gallon.
Retail gasoline in the state slipped 0.4 cent to $4.025 a gallon, Heathrow, Florida-based AAA, the nation’s largest motoring organization, said today on its website.
Exxon’s Torrance refinery is scheduled to finish a maintenance turnaround involving a crude unit, a coker and an alkylation unit this week, according to a person with knowledge of the timeline.
The oil-products tanker NCC REEM was anchored at Phillips 66’s Rodeo refinery in Northern California today after stopping at BP Plc’s Cherry Point plant last week, IHS Inc. data show. Phillips 66 chartered the vessel last month to bring clean products to the West Coast from South Korea, ship-fixture data compiled by Bloomberg show.
Carbob gasoline in San Francisco advanced 1.5 cents against futures to a premium of 7.5 cents a gallon. The spread between San Francisco and Los Angeles Carbob widened 0.63 cent to 3.63 cents a gallon.
California-blend, or CARB, diesel in San Francisco strengthened 2.75 cents versus ultra-low-sulfur diesel futures on the Nymex to a discount of 4.75 cents a gallon, a one-week high. CARB diesel in Los Angeles rose 4.25 cents to 1.75 cents a gallon below futures, the smallest differential in a month.
In Portland, Oregon, conventional, 84-octane gasoline dropped 8.5 cents against futures to a premium of 6 cents a gallon. The premium for low-sulfur diesel there narrowed 7 cents to 2.5 cents a gallon versus ULSD futures.
Portland gasoline’s premium to Los Angeles Carbob weakened
9.38 cents to 2.13 cents a gallon, the least in a month.
The 3-2-1 crack spread of Alaska North Slope crude, Carbob in Los Angeles and CARB diesel in Los Angeles widened for the first time in five days, gaining $1.81 to $17.26 a barrel at 4:29 p.m. New York time, the biggest differential in a week. The spread, a rough measure of refining margins, is down 42 percent from this year’s high of $29.09 on Feb. 5.