Gasoline inventories along the US West Coast continued to draw last week, falling to a 15-month low for the week ended October 26, Energy Information Administration data showed Wednesday.
Stocks fell 2,000 barrels to 27 million barrels last week, and were 578,000 barrels lower year on year, the data showed.
A regional market source said he expected to see a steeper draw in stocks, adding that he expects inventories to bounce back within a few weeks.
The gasoline spot market in California has been described as more volatile than usual by several market sources this week amid a lack of liquidity.
S&P Global Platts assessed CARBOB in Los Angeles at the NYMEX December futures contract plus 11 cents/gal Tuesday.
CARBOB in southern California was heard bid at December futures plus 7 cents/gal and offered at futures plus 13 cents/gal early Wednesday.
Production fell to a seven-week low, down 5,000 b/d to 1.6 million b/d, and down 84,000 b/d year on year.
Also down, refinery utilization rates fell 0.9% to 90.4%, a 5.5-month low, but were 9% higher on the year.
