San Francisco Gasoline Weakens as Tesoro Seen Restarting Unit

Spot gasoline in San Francisco declined against futures for the first time in three days as Tesoro Corp. was said to restart the crude unit at its Golden Eagle refinery.

Gasoline slipped as Tesoro finished repairs on the crude unit at the 170,000-barrel-a-day Golden Eagle plant in Northern California following a fire on Oct. 26, according to a person familiar with operations there who asked not to be identified because the information isn’t public. The plant was seen returning to normal rates yesterday, the person said.

The premium for California-blend gasoline, or Carbob, in San Francisco narrowed 3 cents to 0.5 cent a gallon versus futures traded on the New York Mercantile Exchange, according to data compiled by Bloomberg at 1:50 p.m. New York time. Prompt delivery slid 6.62 cents to $2.5904 a gallon.

Carbob in Los Angeles weakened 4 cents versus futures to a premium of 11.5 cents a gallon.

The 3-2-1 crack spread of Alaska North Slope crude, Carbob in Los Angeles and state-grade diesel in Los Angeles shrank $3.59 a barrel to $11.24. The spread, a rough indicator of refining profitability in the region, is at the lowest level in four weeks.

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