HOUSTON, May 15 (Reuters) - Gasoline in the Los Angeles spot market plummeted 27.5 cents on Tuesday as BP Plc continued restarting its 225,000 barrel-per-day Cherry Point, Washington refinery, traders said.
The refinery had halted the restart to correct a minor problem late last week and resumed restoring production on Monday. The plant was shut by a crude distillation unit fire in February and has been out of production for nearly three months.
May-delivery CARBOB gasoline fell to a 26-cent premium on top of June NYMEX RBOB gasoline on Tuesday in the Los Angeles market, traders said.
May CARBOB in San Francisco Bay market was priced between even and 2 cents over the L.A. price.
Gasoline in the Portland, Oregon, market, was priced between 50 cents and 70 cents over June RBOB.
Diesels retreated on Tuesday, but in much smaller increments than gasoline.
L.A. May CARB diesel lost a penny at a premium of 9.5 cents over June NYMEX heating oil. Bay CARB diesel was offered as high as 3.5 cents over L.A.
Diesel in the Portland market was in a bid-offer spread of 32 cents/37 cents over NYMEX heating oil.
Jet fuel in Los Angeles sold unchanged at 9 cents over NYMEX heating oil.
CARBOB and CARB diesel get their name from the California Air Resources Board, which mandates their formulas. CARBOB is a gasoline meant for use with ethanol and CARB diesel is intended to reduce pollution in California’s major metropolitan areas.
Outside of California’s cities, ultra-low sulfur diesel as authorized by the U.S. Environmental Protection Agency is used.