Update: San Francisco Cash Gasoline Basis Surge in Early Activity


   
   Updates Los Angeles CARBOB prices

   OAKHURST, N.J. (DTN) --- San Francisco cash gasoline basis surged in thin 
early trade Friday, spiking more than 45cts from a week ago on refinery 
downtime while state data show decline in regional stocks of the state mandated 
reformulated gasoline.

   SPBF's 157,000 bpd Martinez refinery in northern California remains shut 
following a fire Saturday (2/1), which began at the cat feed hydrotreater and 
injured six people.

   Martinez Refining Company said the incident occurred when two workers were 
opening equipment at the refinery in preparation for planned maintenance on one 
of the refinery's process units, which had been shut on Jan. 30. It is believed 
that, while opening the equipment, hydrocarbon material started to leak.

   Earlier this week sources said two process units at Chevron's Richmond 
refinery unexpectedly shutdown over the weekend.

   In cash trade, February CARBOB in the Bay traded at a 68cts premium to March 
New York Mercantile Exchange RBOB futures versus 50cts a day ago and 21cts 
premiums a week ago

   Sources said Los Angeles February CARBOB traded at 49cts to March RBOB 
futures while March CARBOB traded 24 and 25cts premiums to April RBOB futures.

    

    

   Dawn Gallagher, 1.732.531.4451, dawn.gallagher@dtn.com.




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