L.A Gasoline future low even as Tesoro Corporation (NYSE:TSO) sutures unit
Spot gasoline in L.A dipped to a record seasonal-low against futures soon after Southern California’s refinery, Tesoro Corporation (NYSE:TSO) finished some of its unscheduled repairs and fuel supplies hovered over the 5-year average. TSO’s 363,000 barrel/day L.A refinery began normal operations yesterday post the unscheduled repairs that had to be undertaken there and which had continued for close to 2 weeks said a company spokesperson Tina Barbee.
Data that had been compiled by the Energy Commission showed that the stockpile of spot gasoline also called California blend rose 3.4% in the week that ended 9 August, to 5.77M barrels/day, which was 8.4% above its 5-year average for this period. Last week’s supplies are scheduled to be released by the agency, tomorrow.
Discount for Carbob in L.A rose from 1.75 cents to 17.75 cents against futures that were traded on the NYMEX.
This has been their lowest level since 2012 December and the least for this period of the year since 2008. Prompt delivery dipped 2.36 cents to $2.7497/gallon. This same fuel in San Francisco widened its discount against the futures by 2.25 cents to 18.75 cents/gallon. The spread between the carbob in San Francisco and gasoline in L.A narrowed 0.5 cent to 1 cent /gallon.
Conventional gasoline in Oregon, which is the benchmark for the United States Pacific Northwest weakened by 5 cents against the futures to the discount of 9 cents/gallon, which was a four-month low. The premium to L.A carbob widened by 3.25 cents to 8.75 cents/gallon. There was a 0.3 cent dip in retail gasoline to an average of $3.844/gallon. Low sulfur diesel in Portland remained untouched against the ultra-low sulfur diesel-futures on the NYMex at a 4.5 cent discount per gallon.