California Spot Gasoline Strengthens Amid Refinery MaintenanceEliot Caroom
Spot gasoline in Los Angeles gained amid signs of work at Tesoro Corp. and Exxon Mobil Corp.’s refineries in southern California.
Tesoro yesterday announced flaring at the 266,000-barrel-a-day Carson plant, the second largest in California, where the company planned work in the first week of June, according to two people with knowledge of the schedule. Exxon’s Torrance site today reported flaring in line with planned activity through June 9. The refinery has flared gases during unit restarts since a May 30 power disruption.
California-blend gasoline, or Carbob, in Los Angeles gained 8.25 cents to 15 cents a gallon above Nymex gasoline futures, according to data compiled by Bloomberg at 4:14 p.m. New York time. Carbob in San Francisco strengthened 6.5 cents to a premium of 15 cents a gallon.
California-blend, or CARB, diesel in Los Angeles gained 1 cent to a 4 cent-a-gallon premium against ultra-low-sulfur diesel futures. The fuel in San Francisco was unchanged at a premium of 1 cent a gallon. CARB diesel supplies declined 2.8 percent to 2.21 million barrels in the week ended May 31, state regulators said yesterday.
Conventional gasoline in Portland, Oregon, was unchanged at parity versus futures. Low-sulfur diesel there gained 1.5 cents against ULSD futures to a discount of 6.5 cents a gallon.
The 3-2-1 crack spread of Alaska North Slope crude, Carbob in Los Angeles and CARB diesel in Los Angeles widened, gaining $1.64 to $22.18 a barrel at 4:02 p.m.
Retail gasoline in the state slipped 0.7 cent to $3.971 a gallon, Heathrow, Florida-based AAA, the nation’s largest motoring organization, said today on its website.