LA Cash Gasoline Tumbles as January Business nearly Done
1/20 4:38 PM
LA Cash Gasoline Tumbles as January Business nearly Done OAKHURST, N.J. (DTN) --- Cash gasoline basis in the Los Angeles basin eroded further Thursday, pressured by waning demand for January pipeline business and data showing another weekly build in supply. The Energy Information Administration reported a third straight weekly increase in West Coast PADD 5 gasoline supplies through Jan. 14, up 354,000 bbl to 31.089 million bbl, a 17-week high. Meantime, the California Energy Commission reported a sixth-straight weekly gain in the state's mandated gasoline stock level. At 5.690 million bbl, up 6.2% from the week prior. January CARBOB in the basin tumbled a dime, indexed at a 10cts discount to February New York Mercantile Exchange RBOB futures while February CARBOB offers dropped more than a nickel, pegged 9cts over the March RBOB contract for any-month delivery. In San Francisco, February CARBOB traded at a 5cts discount to March RBOB futures. Dawn Gallagher, 1.732.531.4451, dawn.gallagher@dtn.com, http://www.dtn.com. (c) Copyright 2022 DTN, LLC. All rights reserved.