Wholesale gasoline discounts in Los Angeles were unchanged on Wednesday but the outright price fell due to a drop in in the NYMEX benchmark, traders said.
Unleaded ethanol-blend L.A. CARBOB for August delivery finished at 18 cents under September NYMEX RBOB gasoline RBQ1, which was down 9.8 cents at $2.8051 a gallon.
San Francisco Bay August-delivery CARBOB sold at even with L.A.
Both the West Coast and NYMEX markets reacted to a U.S. government report on Wednesday that showed increases in regional and national gasoline inventories.
The U.S. Energy Information Administration said West Coast gasoline stockpiles climbed 583,000 barrels to 30.56 million barrels and national inventory climbed 1.7 million barrels to 215.2 million barrels.
Also holding gasoline differentials in negative territory is widespread sentiment that the West Coast and national economies are weak, a trader said.
"We could have had big draws and prices would be down as the bears are in control now," the trader said.
Los Angeles CARB diesel differentials fell in a negative bid-offer spread at 2 cents/0 cents under September NYMEXheating oil. Bay CARB diesel was offered at a bid discount of 3 cents, off 3.5 cents.
Ultra-low sulfur diesel was between 0 cents/2 cents over NYMEX heating oil.
The Los Angeles jet fuel was at 0 cents/3 cents over September NYMEX heating oil.
In the Portland, Oregon, market, finished at 8.5 cents under NYMEX RBOB while diesel was at 0 cents/2 cents over NYMEX heating oil.