US WCoast Products - Portland gasoline jumps
HOUSTON, May 23 (Reuters) - Unleaded gasoline climbed to $1.10 a gallon over the price for NYMEX RBOB gasoline Wednesday in the Portland, Oregon, spot market on rumors of a problem with the restart of BP Plc's 225,000 barrel per day (bpd) Cherry Point, Washington, refinery, traders said. Also lifting prices in West Coast spot markets was a 1.186- million barrel drop in West Coast gasoline inventory last week, according to a report released on Wednesday by the U.S. Energy Information Administration. On Tuesday, gasoline traded in Portland at 51 cents over NYMEX RBOB. A BP representative did not reply to phone messages. At least one analyst discounted the idea of a problem at the BP refinery in Washington state, which is restarting following three months of repairs after a Feb 17 fire in the central crude distillation unit. "Portland is an import market," said David Hackett of Stillwater Associates. "If prices have shot up it usually means a boat's late, someone's short supply and a squeeze is on." Gasoline also climbed in the Los Angeles market on the drop in regional supply to 24.088 million barrels last week reported by EIA. June CARBOB gasoline finished up 13.5 cents at 26 cents a gallon over July NYMEX RBOB gasoline in L.A. In the Bay, June CARBOB was discounted a penny from the L.A. price. CARB diesel rose in Los Angeles by 0.25 cent to 6.25 cents a gallon on top of July NYMEX heating oil. June jet fuel sold in Los Angeles at 8 cents over July NYMEX heating oil.
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