U.S. WCoast Products-Gasoline down on RBOB hike
HOUSTON, April 26
HOUSTON, April 26 (Reuters) - Los Angeles wholesale gasoline slid 4 cents per gallon on Monday as a jump in May RBOB prices on the New York Mercantile Exchange likely helped compress differentials, traders said.
May RBOB rose 3.43 cents, or 1.03 percent, to $3.3572 on Tuesday, its highest close since July 15, 2008. The surge came in part because a power outage forced three Texas City, Texas refineries that provide 4 percent of the nation's capacity to shut down overnight. [ID:nLDE73P0Y5]
Two of those refiners, Valero Energy Corp (VLO.N) and Marathon Oil Corp, (MRO.N) were restarting or working to restart units on Tuesday. Their Texas City plants have capacities of 214,000 barrels per day (bpd) and 76,000 bpd, respectively.
BP Plc's (BP.L) (BP.N) 475,000 bpd Texas City refinery, however -- the nation's third-largest -- remained shut as teams assessed its process units and inspected its on-site power facilities.
Some West Coast traders also attributed Tuesday's 4-cent decline in L.A. gasoline differentials to weakening demand.
Unleaded ethanol-blend May CARBOB was seen done at 5.5 and 7.5 cents a gallon above May NYMEX RBOB gasoline, with other deals done at 5.75, 6, 6.50, 6.75 and 7 cents over.
June CARBOB was done at 8.5 cents over the May contract in the L.A. market.
In the San Francisco Bay market, May CARBOB traded at a 1.5-cent discount to the L.A. market price, traders said.
In the Portland, Oregon, market, gasoline was done at 3 cents under the May NYMEX price and at a penny over June NYMEX RBOB.
May L.A. CARB diesel fell slightly to trade at 15 cents over June NYMEX heating oil. Bay CARB diesel gained about 0.75 cent to 15.75 cents/17 cents over.
May EPA specification ultra-low sulfur diesel was talked 2 cents/3 cents under L.A. CARB diesel.
Portland diesel was flat at 17 cents/19 cents over June NYMEX heating oil.
May L.A. jet fuel gained half a cent to 17.5 cents/18.5 cents over June heating oil.
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