US Cash Products-Chicago gasoline eases as refinery snags ease
NEW YORK, Sept 27 (Reuters) -Cash differentials for gasoline eased in the Chicago spot market on Friday, a day after an outage at one of the region's largest refineries sent buyers scrambling for supplies, traders said.
Outages at Citgo's 177,000 barrel-per-day Lemont refinery in Indiana had sent Chicago gasoline differentials surging in the previous session. Those issues are believed to have been short-lived, leading to the decline today, traders said.
Citgo said it was ramping the refinery back to full capacity on Thursday.
Chicago CBOB gasoline CBOB-DIFF-MC fell 12 cents to 18 cents above the November RBOB gasoline futures contract RBc2 on the New York Mercantile Exchange, traders said.
Chicago ultra-low sulfur diesel ULSD-DIFF-MC fared better as a European oil major was purchasing the product and pushed differentials 1.5 cents higher to 10 cents above the November ULSD futures contract HOc2, the traders said.
Elsewhere in the Midwest, Group 3 V-grade gasoline RUV-DIFF-G3 fell 4 cents to 4 cents above benchmark October gasoline RBc1, also attributable to the Lemont refinery returning to service, they said.
Group 3 diesel ULSD-DIFF-G3 was unchanged at 2.75 cents above October ULSD HOc2.
In the U.S. Gulf Coast, Friday marked the last day to trade distillates for delivery to New York Harbor on the Colonial Pipeline's 55th lifting cycle. Colonial, the longest refined products pipeline in the U.S., lifts products from the Gulf Coast and pumps them to markets along the East Coast in roughly five day cycles, although some cycle lengths may be shorter.
Gulf Coast 62-grade ULSD ULSD-DIFF-USG gained three quarters of a cent before the trading roll, to 6.4 cents below November futures.
Conventional gasoline traded in the Gulf Coast was under pressure from expectations of higher supplies after Lyondell restarted gasoline-producing units at its 263,776 bpd refinery in Houston.
Gulf Coast M3 conventional gasoline RU-DIFF-USG fell 2.25 cents to 1.25 cents above futures, market participants said.
On the other hand, A3 CBOB gasoline CBOB-DIFF-USG gained 1.25 cents to 4.5 cents below futures, traders said.
In New York Harbor, M3 conventional gasoline RU-DIFF-NYH was unchanged at 8 cents above futures. Harbor diesel ULSD-DIFF-NYH was also the same as before at 3 cents below futures, traders said.
Oil futures rose slightly on Friday but lost heavily on the week as investors bet on an increase in supplies in the months ahead overpowering feeble demand growth. O/R
Products futures fell despite oil's gains. Gasoline futures shed 0.83 cents to settle at $1.953 a gallon, whereas ULSD futures fell 0.34 cents to $2.1327.
Ethanol blending (D6) credits RIN-D6-US for 2024 traded between 68.75 cents and 66.5 cents each, down from between 75 cents to 70 cents each previously, traders said.
Biomass-based (D4) credits RIN-D4-US traded in the same range as the D6 on both Friday and Thursday, they said.
Latest day | |||||
Timing | NYMEX Contract | Bid | Offer | Change | |
U.S. GULF COAST <0#P-USG, PPIM> * Scheduling | |||||
A3 CBOB gasoline CBOB-DIFF-USG | Cycle 56 | November RBOB | -4.75 | -4.25 | 1.25 |
M3 conventional gasoline RU-DIFF-USG | Cycle 56 | November RBOB | 1.00 | 1.50 | -2.25 |
62-grade ULSD ULSD-DIFF-USG | Cycle 55 | November HO | -6.65 | -6.15 | 0.75 |
54-grade jet fuel JET-DIFF-USG | Cycle 55 | November HO | -18.25 | -17.75 | -1.25 |
Heating oil HO-DIFF-USG | Cycle 55 | November HO | -20.25 | -19.75 | 0.25 |
NEW YORK HARBOR <0#P-NYH, PPIL> | Bid | Offer | Change | ||
M3 conventional gasoline RU-DIFF-NYH | Prompt | October RBOB | 6.00 | 10.00 | 0.00 |
F4 RBOB RBOB-DIFF-NYH | Prompt | October RBOB | -0.50 | 0.00 | 0.00 |
ULSD ULSD-DIFF-NYH | Prompt | October HO | -3.25 | -2.75 | 0.00 |
Heating oil HO-DIFF-NYH | Prompt | October HO | -50.50 | -50.00 | 0.00 |
Jet fuel JET-DIFF-NYH | Prompt | October HO | -10.00 | -8.00 | 0 |
MIDWEST 0#P-G3, 0#P-MC, IHPROD/MIDCO | Bid | Offer | Change | ||
Chicago CBOB gasoline CBOB-DIFF-MC | Cycle 1 | November RBOB | 17.75 | 18.25 | -12.00 |
Chicago ULSD ULSD-DIFF-MC | Cycle 1 | November HO | 9.75 | 10.25 | 1.50 |
Group Three gasoline RUV-DIFF-G3 | October RBOB | 3.75 | 4.25 | -4.00 | |
Group Three ULSD ULSD-DIFF-G3 | October HO | 2.50 | 3.00 | 0.00 | |
Reporting by Shariq Khan in New York; Editing by David Gregorio
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