BP plc (NYSE:BP) repairs unit- Los Angeles jet fuel races to three-week high

Boston, MA 04/05/2013 (wallstreetpr) – BP plc (NYSE:BP) (Current: $41.32, up by 0.12%) carried out repairs on its jet fuel hydrotreater at its Carson oil refinery which is California’s second-largest. The company climbed to a three week high with this work in progress. There was to be a scheduled shutdown of the treater for maintenance work starting April 1.The Carson plant is a massive one and handles 266,000 barrels per day. The maintenance work will continue at least till April 8 said a person who is aware about how the refinery functions. In Los Angeles, jet fuel strengthened by 1.25 cents in comparison with the futures of ultra-low-sulfur diesel. The trading took place on the New York Mercantile Exchange and rose to a premium of 5.75 cents per gallon. This rate has been the highest the fuel has climbed since March 11.

Volatility in fuel prices
In a filing to the South Coast Air Quality Management District, the Carson refinery has said that gases will be flared from April 8 right through to April 15 and that this is not attributed to a breakdown of any kind. As per the data that has been posted on the website belonging to the State Energy Commission, the production of jet fuel in California slid to 0.2 percent. Carbob or California-blend gasoline dipped 1.25 cents against Futures that were traded at the LA New York Mercantile Exchange at a premium of 4.5 cents per gallon. This very same fuel climbed by 0.5 cents in San Francisco against futures to the premium of 8.5 cents per gallon.

Varying prices everywhere
The Carbob premium in San Francisco rose for a second day in succession in comparison to the same fuel in Los Angeles. It rose by 4 cents per gallon and gained 1.75 cents. There was a weakening in low-sulfur diesel in Porland,  Oregon . It dipped by 0.5 cents to a premium of 14.5 cents against ULSD futures. Gasoline remained unchanged there and stayed steady at a 5.5 cents discount to Nymex futures. For the third day in succession, the Alaska North slope crude, the CARB diesel and Carbob in LA dipped by $1.26 against $18.53 per barrel. This has been its lowest in one week.

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Published by Nicholas Maithya

Nicholas is a Financial Analyst by profession, who enjoys writing about investments, technological developments, business, economics and other financial topics at various financial publications. Join him here on Wallstreetpr.com as he endeavors to deliver to you the latest breaking news on the above mentioned fronts. Contact him by email at nmaithya@gmail.com or follow Nicholas Kitonyi @nmaithyak on Twitter.

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