Los Angeles, San Francisco Cash Gasoline Basis Strengthen
2/04 12:42 PM
Los Angeles, San Francisco Cash Gasoline Basis Strengthen
OAKHURST, N.J. (DTN) --- Cash gasoline basis in Los Angeles and San
Francisco jumped in early thin Tuesday trade, with the hike offsetting lower
New York Mercantile Exchange RBOB futures for multi-cent price gains.
At last glance, nearby delivery month RBOB futures fell over 2.0cts to
$2.0966 gallon.
Sources said February CARBOB in the basin traded at 39cts and 45cts premiums
to March RBOB futures, up from 36cts premiums a day ago.
March CARBOB in L.A. traded at a 20cts premium to the April RBOB contract.
In the Bay area, prompt CARBOB traded at a 40cts premium to the March RBOB
contract, a better than 10cts jump versus a day ago.
PBF's 157,000 bpd Martinez refinery in northern California remains shut
following a fire Saturday, which reportedly began at the cat feed hydrotreater.
Martinez Refining Company on Tuesday evening said a small residual fire
remains under control, informing the community they may see minimal smoke until
further notice.
"Because of significant progress made, all mutual air firefighting crews
have left the site, and we thank them for their tremendous response to the
incident. Flaring continues with the potential for intermittent flaring
throughout the week. Refinery operating units have been shut down except for
required utility systems.
MRC "will thoroughly investigate the incident in accordance with the Contra
Costa County Industrial Safety Ordinance to identify the root cause and take
appropriate corrective actions."
In other refinery news, sources said two process units shut at Chevron's
Richmond refinery unexpectedly over the weekend.
Further north in the Pacific Northwest, prompt suboctane traded at 22cts,
23cts and 25cts futures premiums. A day ago, the fuel was talked 20cts over the
MERC.
Dawn Gallagher, 1.732.531.4451, dawn.gallagher@dtn.com.
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