May 30, 2012 / 10:53 PM / 5 years ago

US WCoast Products- L.A. gasoline falls on declining demand

HOUSTON, May 30 (Reuters) - June CARBOB gasoline fell 8 cents on Wednesday in the Los Angeles spot market as refiner demand dried up on expectations of renewed supply from BP Plc’s 225,000 barrel per day (bpd) Cherry Point, Washington, refinery, traders said.

June CARBOB finished at a 19-cent premium over July NYMEX RBOB gasoline in L.A. June CARBOB in the San Francisco Bay market was 6 cents over L.A.

Gasoline in the Portland market was at 84 cents a gallon over, up 2 cents from Tuesday.

Traders said BP’s restart was not entirely complete with gasoline supply only trickling into the Pacific Northwest. The Cherry Point refinery was shut for three months due to a Feb. 17 fire in the central crude distillation unit.

However, diesel in Portland fell 7 cents to 18 cents over July NYMEX heating oil.

Los Angeles market June CARB diesel fell 0.5 cent to 6 cents over July NYMEX heating oil.

Jet fuel in L.A. remained at 8 cents a gallon over NYMEX heating oil.

CARBOB and CARB diesel get their name from the California Air Resources Board, which mandates their formulas. CARBOB is a gasoline meant for use with ethanol. CARB diesel is intended to reduce pollution in California’s major metropolitan areas. Outside of California’s cities, ultra-low sulfur diesel as authorized by the U.S. Environmental Protection Agency is used.

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