California Gasoline on Spot Market Weakens as Supplies IncreaseDan Murtaugh
California gasoline on the spot market weakened as inventories rose to the highest level in almost two months.
Stockpiles of California-blend gasoline, or Carbob, rose 1.4 percent to 5.13 million barrels in the week ended June 7, the state Energy Commission said in its Weekly Fuels Watch Report. It’s the highest level of supplies since April 12.
Carbob in San Francisco weakened by 9.5 cents to 21 cents a gallon more than futures on the New York Mercantile Exchange at 4:29 p.m., according to data compiled by Bloomberg. The fuel in Los Angeles weakened 8.5 cents to a 25-cent premium.
Conventional gasoline in Portland, Oregon, strengthened 0.5 cent to a premium of 8 cents a gallon more than Nymex futures.
Inventories of state-blend diesel fell 2.1 percent to 2.17 million barrels. The fuel in San Francisco strengthened by 3.25 cents to a 5-cent premium over ultra-low-sulfur diesel futures on the Nymex. The fuel in Los Angeles was unchanged at 2.5 cents a gallon more than futures.
Low-sulfur diesel in Portland weakened 1 cent to a 5-cent discount to futures.
Jet fuel in Los Angeles weakened 0.5 cent to a 10.5-cent discount to ULSD futures. Stockpiles of the fuel in California grew 5.7 percent to 3.46 million barrels, the highest level since April 12.