CVX Chevron Corporation

The Bay Area Air Quality Management District said it is investigating complaints into a New Year's Eve flaring incident at Chevron Corp.'s 257,200 b/d Richmond, Calif., facility.

The agency stated in a post shared on the social media platform X, formerly known as Twitter, that the Air District received six air quality complaints related to the refinery's flaring, prompting the investigation.

A Chevron company spokesperson confirmed that intermittent flaring took place "as a result of a process upset," according to reports by CBS News Bay Area Monday.

At the spot market level, San Francisco CARBOB was chalking up significant losses during the first trading day of the year Tuesday with barrels changing hands from 48cts to 31cts above the NYMEX February RBOB contract, standing on the lower end of the transactions by late afternoon and down a staggering 20cts from Friday's closing mean differential. NYMEX weakness extended declines, dropping the implied price a hefty 21.14cts to $2.4049/gal as of 3:43 p.m. ET.

Tuesday's substantially lower S.F. CARBOB trade levels comes on the heels of last week's sharp increase in basis values following reported regional refinery upsets and an unannounced agency inspection at PBF's Martinez 157,000 b/d refinery in the Bay Area, OPIS previously stated.

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 Sydnee Beach, sbeach@opisnet.com; Editing by Bayan Raji, braji@opisnet.com

(END) Dow Jones Newswires

January 02, 2024 16:43 ET (21:43 GMT)

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