SF CARBOB Regular Basis Jumps on Wilmington Flaring Events

MIAMI, FL (DTN) – San Francisco reformulated gasoline basis strengthened Friday (1/30) extending gains from the prior session, driven by ongoing refinery flares and hiccups at Phillips 66’s 139,000 bpd Wilmington, California refinery.

Prompt San Francisco CARBOB regular basis traded at a 45cts premium to March NYMEX RBOB futures, up 10cts from Thursday’s last reported trade. The increase in regular grade basis lifted premium values in tandem, with San Francisco CARBOB premium rising to a 68cts premium to March NYMEX RBOB futures.

Phillips 66 reported an ongoing flaring event at Wilmington on Thursday (1/15) which is expected to continue through Sunday (2/1), according to a filing with the South Coast Air Quality Management District.
Despite plans to close the Wilmington refinery by the end of 2025,  Phillips 66 continues to report flaring events at the facility, according to SCAQMD filings.