HOUSTON, March 20 (Reuters) - The restart of a San Francisco Bay refinery pulled gasoline down in Californian spot markets on Tuesday, traders said.
Tesoro Corp’s 166,000-barrels-per-day, bay-area refinery in Martinez, California is close to completing a restart after a two-month overhaul, according to sources familiar with refinery operations.
The restart sent March-delivery CARBOB gasoline in the San Francisco spot market down 16 cents to an 11-cent-a-gallon discount under NYMEX April RBOB gasoline.
Tuesday was one of the rare times the Bay market outpaced that of Los Angeles. Normally, the Bay trades at a differential to L.A.
Los Angeles March CARBOB finished at a 9-cent discount to NYMEX April RBOB.
April-delivery CARBOB sold in Los Angeles down to a 4.5-cent discount under May NYMEX RBOB gasoline. May CARBOB was offered at a 3-cent discount to June NYMEX RBOB in L.A.
In the Portland, Oregon market, gasoline was offered 2.5 cents higher at a 10-cent premium on NYMEX RBOB gasoline.
April-delivery CARB diesel, made to cut pollution in California’s cities, was offered a penny lower at 12.5 cents a gallon over April NYMEX heating oil.
San Francisco Bay April CARB diesel was priced between 2 cents and 3 cents under L.A.
EPA-grade diesel, used outside Californian cities, was even to CARB diesel in L.A.
April jet fuel in Los Angeles sold at 13.75 cents over May NYMEX heating oil.
Diesel in Portland traded down 1 cent at 23 cents a gallon over NYMEX heating oil.