Gasoline in California slips as concerns about Chevron refinery production ease (NYSE:CVX)
Gasoline futures prices in California fall at the Los Angeles wholesale market on Friday because of concerns about production disruptions at Chevron’s (NYSE:CVX) The El Segundo refinery was idled, Reuters reported, citing West Coast market traders.
CARBOB gasoline for November delivery has been sold at a $0.80/gal premium on December Nymex RBOB gasoline (NYSEARCA:UGA), $0.25 off Thursday’s price, and December CARBOB down $0.05/gal to a bid-ask spread of $0.35/$0.39 over January RBOB on Nymex.
A fire burned for more than two hours earlier in the week at the El Segundo refinery, but Chevron (CVX) indicates that the fire is not within a major process unit.
This news could help lower pump prices in California, which are consistently among the highest in the US
Pump prices in California averaged $5,448/gal on Saturday, according to AAAabout a cent less than Friday and $0.02 less than a week ago but ~$1.65 below the national average.
Believing that major oil producers are making record profits, are “chopping off” customers, California Governor Gavin Newsom has threatens to tax profits earned on companies.