Los Angeles Cash Gasoline Basis Weaken on Growing Supply
12/14 4:28 PM
Los Angeles Cash Gasoline Basis Weaken on Growing Supply OAKHURST, N.J. (DTN) --- Cash gasoline basis in Los Angeles weakened Thursday, dragging spot prices lower on growing gasoline supplies in the state and the PADD V region. Energy Information Administration data for the first full week of December showed PADD V gasoline supplies posted a third consecutive weekly build, rising 994,000 bbl to 30.743 million bbl, the highest inventory level since early February. California Energy Commission data for the week-ended Dec. 8 showed supply of the state mandated reformulated gasoline, referred to as CARBOB, rose 18,000 bbl to 6.176 million bbl, the highest inventory since late March and to a better than 19% year-over-year surplus. Production of the fuel rose 566,000 bbl on the week to 7.312 million bbl. Sources said December CARBOB in the basin traded last at an 18.0cts futures discount, sliding more than 6.5cts on the session to $1.4907 gallon. December CARBOB in the San Francisco Bay was reported at parity to basin assessments. In the Pacific Northwest, December suboctane was bid a penny below the MERC with offers at 5.0cts premiums. Spot price edged up 0.40cts to $1.6907 gallon. Prompt ULSD in the Pacific Northwest was talked 1.5cts below the print by a penny futures premium. Spot price gained 2.05cts to $1.9074 gallon. Bay area December CARB ULSD was indexed 3.75cts below the MERC, up more than 2.5cts to $1.8724 gallon. In the basin, prompt CARB ULSD was assessed at a 4.0cts futures discount, up 1.55cts to $1.8699 gallon. December ULSD for export out-of-state was indexed at a 2.5cts discount to the state mandated fuel, up 1.05cts at $1.8449 gallon. Dawn Gallagher, 1.732.531.4451, dawn.gallagher@dtn.com, www.dtn.com. (c) 2017 DTN. All rights reserved.