Northern, WI 04/12/2013 (usastockreport) – Chevron Corporation (NYSE:CVX) (Closed: $120.95, Up by 1.09%)’s crude unit at its Richmond refinery is finally ready for start-up and there was a drop in spot gasoline against futures in San Francisco. The 240,000-barrel-per-day unit had been shut for the past eight months. State regulators cleared the Richmond plant on April 5 and Chevron is now free to restart its operations at the No 4 crude unit which had been shut since a fire that broke out there on Aug 6. , The refinery’s manager, Nigel Hearne said that last week a pre-start up safety review was being conducted at the plant.
Since the fire caused damage at a one of the towers at the Richmond refinery, it had been operating at half its capacity. Carbob or California-blend gasoline in San Francisco dipped by 1 cent against futures that were traded on the New York Mercantile Exchange at a premium of 9.5 cents per gallon. Yesterday, the fuel rose their highest against futures that had been traded since Feb 6. This was right after the Martinez refinery that belongs to Royal Dutch Shell plc (NYSE:RDS.A) (Closed: $65.38, Up by 1.02%) was shut-down for maintenance.
In Los Angeles, Carbob rose by 2 cents against futures that had been traded to 7.5 cents per gallon premium. In San Francisco, California Blend remained unchanged on the Nymex. This against ultra-low sulfur diesel futures which were traded at 7 cents a gallon premium and it remained steady in Los Angeles, at 5 cents per gallon.