California CARBOB stocks hit lowest since 2019 as inventories slide

California CARBOB gasoline stocks fell to their lowest level in more than five years in the week ended May 30, dropping for a second consecutive week as production, according to California Energy Commission data released June 4.

CARBOB inventories fell 143,000 barrels on the week to 4.477 million barrels, the lowest level since the week ended Sept. 27, 2019, when stocks closed at 4.019 million barrels, the CEC data showed. The inventory level has closed lower only three times in the last decade, highlighting the tightness in California's gasoline supply chain as the summer driving season approaches.

The stock draw coincided with a sharp drop in CARBOB production, which fell 97,000 barrels to 4.435 million barrels in the week ended Mayin 2025, in the comparable week, CARBOB production was significantly higher at 5.406 million barrels.

Blending components trend

Gasoline blending component stocks rose 59,000 barrels to 4.16 million barrels, continuing an upward trend that began in the week ended April 10. Since then, blending component inventories have strengthened by 537,000 barrels, the data showed. The stocks were last reported higher in the week ended Feb. 13 at 4.296 million barrels.

Non-California gasoline stocks fell 21,000 barrels to 986,000 barrels, compared with 899,000 barrels in the same week last year. Production of non-California gasoline jumped 135,000 barrels to 570,000 barrels, the highest level since the week ended May 8, when output reached 617,000 barrels.

In the week ended May 29, maintenance was underway at PBF Energy's 156,400 b/d Martinez plant, in the San Francisco Bay Area, and its 160,000 b/d Torrance facility, near Los Angeles. Additionally, Marathon filed for planned work at the Carson portion of its Los Angeles refinery from May 21 through May 28.

Across the broader US West Coast region, total gasoline inventories pulled away from a one-year low in the week ended May 29, rising 167,000 barrels to 27.07 million barrels, according to US Energy Information Administration data.

During this time, Los Angeles CARBOB peaked at futures plus 49 cents/gal on May 29 while San Francisco CARBOB's differential hit and maintained a one-year high of NYMEX July RBOB futures plus 75 cents/gal on May 26 through June 1, according to Platts assessments. Platts is part of S&P Global Energy.