San Francisco gasoline price surges as storm disrupts area refineries

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• Spot gasoline prices in the San Francisco area are poised to hit record highs as record rainfall caused disruptions at two northern California refineries, Bloomberg reports.
• Physical gasoline prices surged $0.125 to the strongest premium over Nymex gasoline futures since mid-August, according to the report, as traders expect supplies will tighten in the days ahead.
• Chevron's (NYSE:CVX) Richmond refinery reportedly shut multiple units on Sunday with elevated flaring observed, and PBF Energy's (NYSE:PBF) Martinez refinery experienced an operational upset, according to a regulatory filing.
• Valero Energy's (NYSE:VLO) Benicia refinery already was down from the start of the month due to scheduled maintenance.
• Retail prices in the city were averaging $4.727/gal today, according to AAA, just a penny short of a record high set in 2012.
• The National Weather Service says the heavy rain and winds along the West Coast were caused by a "bomb cyclone" and an "atmospheric river."
• Barclays analysts say much-needed rains may provide relief for California's utilities including PG&E.