Los Angeles Gasoline Premium Narrows for Sixth Straight DayLynn Doan
The premium for Los Angeles gasoline versus futures narrowed for a sixth consecutive day as two oil-products tankers were seen loading fuel for delivery to the U.S. West Coast.
The Maersk Maya and the Chrisopigi Lady, off the coast of South Korea today, were chartered to transport fuel from there to the U.S., according to ship-fixture data compiled by Bloomberg and data provider IHS Inc.
The oil-products tanker Ceylon was on its way to San Francisco yesterday after stopping in Honolulu, IHS data showed.
The premium for California-blend gasoline, or Carbob, in Los Angeles narrowed 1 cent to 7.25 cents a gallon versus futures traded on the New York Mercantile Exchange, the smallest differential since Sept. 3, according to data compiled by Bloomberg at 3:25 p.m. New York time. Prompt delivery climbed
3.29 cents to $2.6828 a gallon.
Carbob in San Francisco weakened 1.25 cents against futures to a discount of 3.75 cents a gallon, its lowest since August.
The discount for conventional gasoline in Portland, Oregon, a benchmark for the U.S. Pacific Northwest, was unchanged at 13 cents a gallon below futures. Diesel in Portland was also unchanged at 18.5 cents a gallon above ultra-low-sulfur diesel futures traded on the Nymex.
The discounts for California-grade, or CARB, diesel in Los Angeles and San Francisco held at 1.75 and 3.25 cents a gallon, respectively.
The oil-products tanker Nord Steady was traveling north of Anacortes, Washington, today, according to IHS data. The vessel was chartered by Royal Dutch Shell to deliver fuel from the U.S. West Coast to Chile, ship-fixture data show. Shell runs a 147,500-barrel-a-day oil refinery in Anacortes.
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, broadening 57 cents a barrel to $11.94.