Northern California fuel suppliers on Tuesday said they have not seen a reduction in allocations from PBF Energy following a weekend fire at the company's 157,000 b/d Martinez refinery that led to a shutdown of the facility.
"Kind of expected the market to spike yesterday based on speculation alone," one supplier said. "But the volume is so low, if there's any time for there to be a refinery fire it would be now."
A reduction in allocations will become more likely the longer the refinery remains offline, a supplier said.
San Francisco's spot refined products market is weeks away from the seasonal shift to 5.99-lb. RVP gasoline specifications. PBF last month said it was planning 55-65 days of turnaround work at the refinery in the first half of the year and has likely secured sources of supply ahead of the maintenance work.
OPIS rack data showed PBF late Monday raised its price for unbranded CARFG with ethanol in San Francisco by 21.71cts to $2.9886/gal. The refiner also increased its price for unbranded CARFG with ethanol by nearly 25cts in Sacramento to $3.1061/gal. And in Chico, Calif., PBF boosted the price of unleaded unbranded CARFG by 25.21cts to $3.0261/gal.
At the spot market level, Bay Area CARBOB was put at a 31.5ct premium to the NYMEX March RBOB contract, putting the implied price at $2.4205/gal as of 10:23 a.m. ET.
PBF on Sunday said a "leak of hydrocarbon material" ignited during maintenance preparations Saturday.
The fire, which led to emergency response and community health advisories, was contained. PBF has launched an investigation into the causes of the fire, the company said.
This content was created by Oil Price Information Service, which is operated by Dow Jones & Co. OPIS is run independently from Dow Jones Newswires and The Wall Street Journal.
--Reporting by Bayan Raji, braji@opisnet.com; Editing by Jeff Barber, jbarber@opisnet.com
(END) Dow Jones Newswires
February 04, 2025 11:13 ET (16:13 GMT)
Copyright (c) 2025 Dow Jones & Company, Inc.