Boston, MA 04/22/2013 (wallstreetpr) – Chevron Corporation (NYSE:CVX) (Closed: $115.90, Up by 0.27%) was all scheduled to get its Southern California El Segundo refinery’s fluid catalytic cracker back in action, this week. There was a distinct weakening of transportation fuels on the Los Angeles spot market. The unit processes vacuum gas oil and turns it into gasoline as well as a few other light products and the company had planned on restarting the unit, said a person who is in the know of operations at the refinery.
The El Segundo plant is the largest refinery in the state of California. Forty percent of the jet fuel that it processes is supplied to the Los Angeles International Airport. In addition this, 20 percent is supplied to the regions gasoline said the company on its official website. Carbob, or California-blend gasoline dropped by 1.75 cents-8.5 cents per gallon in Los Angeles, above futures that were listed on the New York Mercantile Exchange. In comparison to the 1 percent premium that existed a day earlier, in Los Angeles, California-blend diesel was on par with the ultra-low sulfur diesel futures that were on the Nymex.
The business of oil
There was a weakening of 2.75 cents -3.25 cents in jet fuel, below futures traded on ULSD. In California, carbob dipped 1 percent to 23.5 cents per gallon, premium while the diesel dropped by 1 cent down to 5 cents per gallon above futures. Chevron manages all its investments in affiliates and subsidiaries. It provides financial, administrative, technology and management support to U.S as well as international subsidiaries that are involved in petroleum operations, mining operations, chemicals operations, energy services as well as power generation.
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