Spot Gasoline in Northern California Slides to Three-Month LowChristine Harvey
Spot gasoline in San Francisco fell to the weakest level relative to New York futures in more than three months as U.S. West Coast refineries operated at the highest seasonal rates in at least three years.
California-blend gasoline, or Carbob, in San Francisco slid 3.5 cents to 17.5 cents a gallon below futures on the New York Mercantile Exchange at 4:13 p.m., the largest discount since Aug. 21, according to data compiled by Bloomberg. California-grade, or CARB, diesel fell 3 cents to a discount of 10.5 cents to ultra low sulfur diesel futures on the Nymex.
Oil refineries on the U.S. West Coast, known as the PADD 5 region, operated at 86 percent of capacity in the week ended Nov. 29, the highest level for the time of year in data going back to 2010, according to the U.S. Energy Information Administration. Stockpiles of the fuel gained 899,000 barrels to 30.2 million, the most since July 26.
Los Angeles Carbob dropped to a 4.5-cent discount to gasoline futures after Tesoro Corp. completed planned maintenance at its 363,000-barrel-a-day Torrance refinery, which includes plants in Carson and Wilmington. Carb diesel in the region was unchanged at 4.5 cents a gallon below Nymex ULSD futures.
The 3-2-1 crack spread of Alaska North Slop crude, Carbob in Los Angeles and CARB diesel in Los Angeles, narrowed for the first time in three days. The differential trimmed $1.98 to $7.87 a barrel, according to data compiled by Bloomberg.