California CARBOB gasoline stocks dipped below 7 million barrels in the week ending June 1, marking only the second time that has happened since the last week of April, state government data showed Wednesday night.
CARBOB inventory fell 515,000 barrels to 6.95 million barrels last week, California Energy Commission data showed. The total was well short of the four-week average of 7.19 million barrels for CARBOB stocks, the data showed.
The draw was believed mostly to come from Southern California, with Los Angeles differentials trending higher than San Francisco value and reflecting lower inventory, market sources said.
June San Francisco CARBOB was assessed at NYMEX July RBOB plus 4 cents/gal Wednesday on a trade at that level, and was 3.75 cents below Los Angeles low-RVP blendstock. The products were level for six consecutive trading days before Wednesday.
CARBOB production fell 430,000 barrels to 7.01 million b/d, the data showed.
