San Francisco Gasoline Premium Narrows by Most in Four Weeks
Spot gasoline in San Francisco weakened against futures by the most in more than four weeks as the motor fuel in Oregon gained for a fourth straight day.
California-blend gasoline, or Carbob, San Francisco dropped 10 cents to a premium of 11 cents a gallon against gasoline futures traded on the New York Mercantile Exchange at 4:18 p.m. New York time, data compiled by Bloomberg show. That’s biggest daily decline since May 16 and the narrowest differential in four days. Prompt-delivery fell 6.46 cents to $3.0067 a gallon.
The same fuel in Los Angeles tumbled 7.5 cents to a premium of 22 cents a gallon versus futures.
The premium for spot, conventional gasoline in Portland, Oregon, a benchmark for the U.S. Pacific Northwest gained 3.25 cents to 12 cents a gallon, the highest level in three weeks. Low-sulfur diesel there jumped 2.5 cents against ultra-low-sulfur diesel futures on the Nymex to a premium of 3 cents a gallon.
Portland gasoline’s discount to Los Angeles Carbob narrowed 10.75 cents to 10 cents a gallon, the smallest differential in four days.
California-blend, or CARB, diesel in Los Angeles slipped 0.5 cent against ULSD futures to a premium of 3 cents a gallon. CARB diesel in San Francisco also fell 0.5 cent, to 5 cents a gallon above futures.
The 3-2-1 crack spread of Alaska North Slope crude, Carbob in Los Angeles and CARB diesel in Los Angeles dropped $2.04 to $24.24 a barrel, the lowest in four days.
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