June Selling Pushes SF CARBOB Down 54cts


   
Kristina Davis
DTN Refined Fuels Market Reporter

   MIAMI, FL (DTN) -- San Francisco CARBOB and Los Angeles CARBOB gasoline 
basis values moved lower Wednesday (6/3) as the market entered June, with 
traders hearing lower priced deals and offers following the sharp rallies that 
lifted West Coast fuel premiums throughout May.

San Francisco CARBOB basis posted the largest decline of the day, falling by 
54cts to a 23cts premium over July NYMEX RBOB futures after a trade was heard 
at that level, according to DTN data. The move erased a significant portion of 
the gains accumulated during recent weeks as supply concerns eased from 
elevated levels.

Los Angeles CARBOB regular basis also weakened, falling by 14cts to a 32cts 
premium to July NYMEX RBOB futures. The market traded at a 35cts premium, then 
at a 30cts premium, before the last done trade was heard at a 32cts premium to 
July futures.

The declines came even as West Coast gasoline inventories continued to tighten. 
Motor gasoline inventories in the PADD 5 region fell by 800,000 bbl to 27.1 
million bbl in the week ended May 29, marking the fourth consecutive weekly 
decline, according to the Energy Information Administration's Weekly Petroleum 
Status Report. Gasoline stocks were 500,000 bbl lower than the same week last 
year.

PADD 5 gasoline imports climbed by 50,000 bpd to 130,000 bpd during the week 
profiled, though imports remained 37,000 bpd below volumes reported during the 
same period last year.

    




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