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California gasoline futures fell in the Los Angeles wholesale market on Friday as fears of production disruptions at Chevron’s (NYSE:CVX) El Segundo refinery went unrealized, Reuters reported, citing West Coast market traders.
CARBOB gasoline for November delivery sold at an $0.80/gal premium on December Nymex RBOB gasoline (NYSEARCA:UGA), down $0.25 from Thursday’s price, and December CARBOB fell $0.05/gal to a bid-offer spread of $0.35/$0.39 on top of January RBOB on Nymex.
A fire burned for more than two hours earlier in the week at the El Segundo refinery, but Chevron (CVX) said the blaze was not in a major process unit.
The news could help bring down California prices at the pump, which consistently run among the highest in the U.S.
California pump prices averaged $5.448/gal on Saturday, according to AAA, about a penny less than Friday and $0.02 less than a week ago but ~$1.65 below the national average.
Believing big oil producers making record profits are “ripping off” customers, California Governor Gavin Newsom has threatened to impose a windfall profits tax on the companies.