USWC Weekly: Fuel Spot Prices Rise Tracking Futures Rally


   
Maria Eugenia Garcia
DTN Energy Editor

   HOUSTON, TX (DTN) -- U.S. West Coast gasoline, diesel and jet fuel spot 
prices climbed for a second straight week through July 24, tracking a rally in 
futures markets as traders priced in tighter supply risks amid escalating 
Middle East hostilities and a renewed blockade threat of the Strait of Hormuz.

   Los Angeles ULSD spot values posted the sharpest increase for a third 
consecutive week, rising by 59.57cts, or 16.77%, to $4.1487 gallon. Prices were 
60.13% higher than the same period a year earlier. San Francisco diesel values 
climbed 51.63cts, or 14.85%, to $3.9938 gallon, up 48.21% from the previous 
year.

   Across the U.S. West Coast, Portland sub-octane regular gasoline recorded 
the largest weekly increase among gasoline grades, rising 25.21cts, or 8.56%, 
to $3.1984 gallon during the week ending July 24. Prices were 47.22% above the 
same period of the previous year.

   Los Angeles and San Francisco jet fuel spot prices averaged $3.7242 gallon, 
increasing 42.77cts, or 12.97%, from the previous week. Year over year, prices 
in both markets were 55.56% higher.

   The weekly advances came as front-month WTI crude futures climbed from the 
previous Friday's settlement of $81 bbl to settle at $82.49 bbl Friday, 
supported by renewed concerns over the Iran conflict and potential disruptions 
through the Strait of Hormuz.

   U.S. West Coast gasoline and distillate inventories declined last week while 
jet fuel stocks increased in the week ended July 4, Energy Information 
Administration data showed.

   Motor gasoline inventories in the PADD 5 region rose 500,000 bbl to 29.4 
million bbl during the week ended July 10, the EIA's Weekly Petroleum Status 
Report showed. Year-on-year, stocks were down 1.8 million bbl.

   U.S. West Coast distillate fuel oil inventories fell 200,000 bbl to 10.9 
million bbl during the reference week but were 400,000 bbl higher than the 
volume seen in the same period last year, EIA data showed. Jet fuel stocks in 
the region fell by 200,000 bbl to 12.1 million bbl but were 600,000 bbl higher 
than the previous year.

   Crude oil inventories in PADD 5 rose by 800,000 bbl to 46.1 million bbl 
during the reporting week but were 2.5 million bbl lower than the same week 
last year. Crude imports increased by 29,000 bpd to 939,000 bpd and were 
283,000 bpd lower compared with the same week of the previous year.

   Refinery utilization on the West Coast slipped to 90.2% from 91% the 
previous week, according to EIA data.

   On Tuesday (7/14), PBF Energy reported a planned week-long flaring event at 
its 166,000 bpd Torrance, California, refinery, according to a filing with the 
South Coast Air Quality Management District. Flaring began at 9:26 a.m. PT on 
Monday (7/13) and is expected to continue until 11:59 p.m. PT on Monday (7/20), 
the filing stated.




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