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Gasoline Futures – California-blend gasoline weakened against futures amid analyst estimates that U.S. stockpiles of motor fuels increased last week.
Stockpiles of gasoline probably rose 875,000 barrels from 230.1 million barrels last week, the median of 10 responses in a Bloomberg News survey of analysts. The Energy Department reports inventory statistics tomorrow at 10:30 a.m. in New York.
Carbob in Los Angeles slipped 1.75 cents to a premium of 10 cents a gallon against gasoline futures traded on the New York Mercantile Exchange at 4:12 p.m. East Coast time, according to data compiled by Bloomberg. Prompt delivery of the fuel fell 1.79 cents to $3.0275 a gallon.
The discount for Carbob in San Francisco widened 1.25 cents to 3.5 cents against futures.
U.S. gasoline stockpiles rose 4.43 million barrels last week, the American Petroleum Institute’s weekly report showed. Distillate fuel inventories gained 386,000 barrels, the API report said.
API collects stockpile information on a voluntary basis from operators of refineries, bulk terminals and pipelines. The government requires that reports be filed with the Energy Department for its weekly survey.
California-blend, or CARB, diesel in Los Angeles weakened 1.13 cents to a discount of 0.25 cent to Nymex heating oil futures. San Francisco CARB diesel weakened 0.5 cent to a discount of 0.5 cent to futures.
The discount to futures for conventional, 87-octane gasoline in Portland, Oregon, narrowed 3 cents to 16 cents.
–With assistance from Lynn Doan in San Francisco and Moming Zhou in New York. Editors: Richard Stubbe, Charles Siler
- Gene Laverty in Calgary at Bloomberg.