San Francisco Gasoline Extends Rally as Tankers Seen ExportingLynn Doan
San Francisco gasoline strengthened for a second straight day to the highest level in more than three weeks as at least two tankers were expected to load fuel from the region for export.
The fuel’s discount narrowed as the tanker Nord Fast, chartered by Noble to export fuel from the U.S. West Coast, was seen moored at Chevron Corp.’s Richmond refinery, the largest in Northern California, today, IHS Inc. data and ship fixtures compiled by Bloomberg show. The Stena Concert, scheduled to load refined fuel in the region, is due in San Francisco on Dec. 22, according to the data.
The discount for California-blend gasoline, or Carbob, in in San Francisco narrowed 6.75 cents to 10.25 cents a gallon against futures traded on the New York Mercantile Exchange, the smallest since Nov. 20, according to data compiled by Bloomberg at 4:06 p.m. East Coast time.
Carbob in Los Angeles weakened 2.25 cents to a discount of 11.25 cents a gallon, the lowest level since August.
Retail gasoline in California slipped 0.2 cent to $3.593 a gallon, according to Heathrow, Florida-based AAA.
The 3-2-1 crack spread of Alaska North Slope crude, Carbob in Los Angeles and state-grade diesel in Los Angeles, an indicator of refining profitability in the western U.S., widened 16 cents to $6.44 a barrel at 4:07 p.m. New York time, according to data compiled by Bloomberg. The spread narrowed to the lowest level this year yesterday.