March 17, 2020 / 8:23 PM / 14 days ago

UPDATE 1-Phillips 66 Los Angeles refinery cuts output due to loss of demand - source

(Adds company comment, wholesale gasoline prices in Los Angeles)

HOUSTON, March 17 (Reuters) - Phillips 66 cut production on Tuesday at its 139,000-barrel-per-day (bpd) Los Angeles refinery due to loss of demand because of the coronavirus pandemic, said a source familiar with plant operations.

Phillips 66 spokeswoman Melissa Ory said the Los Angeles refinery is operational. She did not provide information about the level of production.

It was unclear how much production would be reduced at the Phillips 66 refinery because of the drop-off in vehicle traffic across Los Angeles, the source said.

Wholesale prices in the Los Angeles market have fallen nearly 45 cents a gallon since Feb. 19, when gasoline blended to meet the state’s tough environment standards traded at a premium of 29.5 cents over gasoline futures on the New York Mercantile Exchange.

On Tuesday, California gasoline finished at 15 cents under NYMEX gasoline futures.

“L.A. gasoline was crushed today,” a trader said.

Reporting by Erwin Seba; Editing by Sandra Maler and Marguerita Choy

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