U.S. West Coast Gasoline Weakens After Increase in Inventories
Spot gasoline on the U.S. West Coast weakened after supplies in the region increased.
Stockpiles of gasoline in PADD 5 increased 408,000 barrels to 33.1 million in the week ended Dec. 21, according to U.S. Energy Department data. Supplies of California-blend, or Carbob, gasoline in California increased 8.4 percent to 7.08 million barrels in the same week, according to the state Energy Commission.
California-grade gasoline, or Carbob, in San Francisco weakened 2.25 cents to a discount of 0.75 cent a gallon against gasoline futures on the New York Mercantile Exchange at 2:51 p.m., according to data compiled by Bloomberg.
The same fuel in Los Angeles narrowed 0.25 cent to a premium of 4.25 cents a gallon to New York futures. It’s the narrowest that differential has been since Dec. 21.
California-blend, or CARB, diesel in San Francisco weakened 1 cent to 3 cents a gallon below heating oil futures on the Nymex. The fuel’s premium in Los Angeles narrowed by 0.75 cent to 3.25 cents a gallon.
CARB diesel stockpiles in California grew 7.9 percent to 3.16 million barrels in the week ended Dec. 21. Stockpiles of distillates, which include diesel and jet fuel, grew by 380,000 barrels to 14.6 million in PADD 5.
Low-sulfur diesel in Portland narrowed its premium to futures by 0.25 cent to 1.5 cents a gallon.
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