L.A. spot gasoline plummets on BP restart: trade

Reuters News
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Posted: May 15, 2012 2:53 PM
L.A. spot gasoline plummets on BP restart: trade

HOUSTON (Reuters) - Gasoline in the Los Angeles spot market plummeted 27.5 cents on Tuesday as BP Plc continued restarting its 225,000 barrel-per-day Cherry Point, Washington refinery, traders said.

The refinery had halted the restart late last week and resumed the restart Monday. The plant was shut by a crude distillation unit fire in February and remained out of production for nearly three months.

Gasoline blended to meet California's strict environmental standards sold down to 26-cent premium on top of June NYMEX RBOB gasoline on Tuesday in the Los Angeles market, traders said.

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(Reporting by Erwin Seba)