USWC Weekly: Gasoline Spot Prices Ease on Higher Stocks


   
Kristina Davis
DTN Refined Fuels Market Reporter

   MIAMI, FL (DTN) -- U.S. West Coast gasoline prices continued to soften this 
week as regional fuel inventories increased and the absence of refinery flaring 
activity kept supply concerns muted.

   San Francisco CARBOB regular prices weakened by 4cts to $3.2845 gallon, but 
stood 42.79% higher than the same week last year. Meanwhile, Los Angeles CARBOB 
dropped 3cts to $3.2295 gallon, 41.84% higher than the previous year. 

   On diesel, Los Angeles recorded the steepest increase, climbing by 4cts, or 
1.30% to $3.6298 gallon. This was 26.79% above the level reported a year 
earlier. 

   Los Angeles jet fuel averaged $3.0748 gallon during the week, up 1.09cts, or 
0.36%, from the previous week's average of $3.0639 gallon and 23.81% above the 
same week last year. Trading activity remained relatively quiet throughout the 
week, with the Los Angeles jet fuel basis ending at a 15cts discount to NYMEX 
ULSD futures.

Motor gasoline inventories in the PADD 5 region increased for the sixth 
consecutive week, climbing by 300,000 bbl to 29.2 million bbl during the week 
ended June 26, according to the U.S. Energy Information Administration's Weekly 
Petroleum Status Report released Wednesday (7/1). Inventories were 700,000 bbl 
below the same week last year. Meanwhile, gasoline imports into the region 
increased by 97,000 bpd to 165,000 bpd, although they remained 85,000 bpd below 
year-ago levels.

Distillate inventories in PADD 5 also increased, rising 300,000 bbl to 11.6 
million bbl during the week ended June 26 and standing 700,000 bbl above last 
year's levels. Distillate imports declined by 19,000 bpd to 17,000 bpd but 
remained at 7,000 bpd above the same week last year. Jet fuel inventories 
climbed 900,000 bbl to 11.9 million bbl, while refinery utilization increased 
to 94.2% from 93.7% a week earlier.

Further supporting the market's softer tone, no significant refinery flaring 
events or unplanned operational disruptions were reported across the U.S. West 
Coast this week. Steady refinery operations, rising inventories and the absence 
of supply disruptions continued to pressure regional gasoline values, with the 
Pacific Northwest sub-octane market recording the week's sharpest decline while 
diesel and jet fuel markets remained comparatively stable.

    




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