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Record Los Angeles Gasoline Premium Foreshadows More Pain at the Pump

  • String of refinery issues exacerbate already low stockpiles
  • Rising pump prices in California defy lower national trend

Los Angeles gasoline is trading at the highest premium ever over Nymex futures as refinery issues threaten to further deplete already low stockpiles.

At $1.50 a gallon over the futures market, the spot gasoline premium in LA is the largest in records dating back to 2007, Bloomberg data show. In comparison, wholesale gasoline in New York -- albeit for a slightly different grade of fuel -- is fetching several cents below futures.