* Traders in Harbor, Gulf and Midwest say markets very quiet * Gulf gasoline differentials slip, Harbor market little changed HOUSTON, June 21 (Reuters) - Chicago CBOB gasoline differentials held steadyon Friday and took little notice of news that a big unit at BP Plc's 405,000 barrel per day (bpd) Whiting, Indiana refinery has begun ramping upafter an overhaul, traders said. The differentials, which in the past three weeks have lurched from as highas 80 cents over July RBOB gasoline differentials to 35 cents under, rose 1.50cents a gallon to 22.00/15.00 under. They had started the day a cent belowThursday's close. BP was starting up the revamped crude distillation unit at the heart of a $4billion overhaul of the Whiting refinery, sources familiar with refineryoperations said. The start-up is expected to finish within 10 days, and the 260,000 bpd CDUwill be moving to full production over three to four weeks, the sources said. Chicago CBOB's movements in recent weeks have been linked more to otherrefinery outages in the area, particular at Exxon Mobil Corp's 238,600bpd Joliet, Illinois, refinery. A drop in the differentials followed immediately after Exxon said it hadrestarted the plant. The turnaround lasted longer than industry watchers hadexpected. The three-week drop in differentials, however, may be pricing in the startup at Whiting, some traders said. Group Three gasoline edged up half a penny a gallon to 10.50/9.50 centsunder July RBOB gasoline futures. Chicago ultra-low sulfur diesel (ULSD) rose apenny a gallon to 3.00/2.00 cents under July heating oil futures. On the Gulf Coast, where traders said the market was quiet, both the A2 andM2 gasoline grades fell 0.50 cent a gallon. A2 CBOB formulated for blending with 10 percent ethanol traded at 22.00cents under July RBOB gasoline futures while conventional M2 grade traded at15.50 cents under. The 62 grade ULSD rose 0.25 cent a gallon to 2.75/2.25 cents under Julyheating oil futures, while jet fuel was flat the day after it moved to a newlifting cycle. In the New York Harbor, gasoline and distillate differentials were littlechanged. Prompt F2 gasoline differentials traded at 0.40 cent over July RBOB gasolinefutures, 0.75 cent higher. The same differentials for the end of the monthtraded at 0.50, 0.40 and later 0.35 cent over, 0.25 cent lower. The only other big mover was jet fuel, which was heard 1.50 cents higher at7.50 cents under July heating oil futures. For more refinery news, please go to Latest day Timing NYMEX Bid Offer Change Contract U.S. GULF COAST <0#P-USG> * Scheduling A2 CBOB gasoline Cycle 35 RBOB -22.25 -21.75 -0.50 M2 conventional gasoline Cycle 35 RBOB -15.75 -15.25 -0.50 61-grade ULSD Cycle 35 HO -3.00 -2.50 0.00 62-grade ULSD Cycle 35 HO -2.75 -2.25 0.25 54-grade jet fuel Cycle 36 HO -13.50 -11.50 0.00 Heating oil Cycle 36 HO -16.50 -14.50 0.50 NEW YORK HARBOR <0#P-NYH> M2 conventional gasoline Prompt RBOB -7.25 -6.75 0.00 Any-Month RBOB -7.25 -6.75 0.00 F2 RBOB Prompt RBOB 0.25 0.75 0.75 Any-Month RBOB 0.25 0.75 0.25 ULSD Prompt HO 0.25 0.75 0.00 Any-Month HO 0.00 0.50 0.00 Heating oil Prompt HO -12.00 -11.50 0.00 Any-Month HO -13.25 -12.75 0.00 Jet fuel Prompt HO -8.00 -7.00 1.50 Any-Month HO -9.50 -8.50 0.00 MIDWEST <0#P-G3> <0#P-MC> Chicago CBOB gasoline Cycle 3 RBOB -22.00 -20.00 -1.00 Chicago ULSD Cycle 3 HO -3.00 -2.50 0.75 Group Three gasoline RBOB -10.00 -9.50 0.75 Group Three ULSD HO 0.75 1.25 0.00 (Reporting by Kristen Hays in Houston and Sabina Zawadzki in New York; Editingby Grant McCool)
BP softens tone on 2030 oil output cut to reassure investors
LONDON, May 8 (Reuters) - BP softened the language on its pledge to cut its 2030 oil and gas output in an effort to reassure investors over its energy transition strategy and narrow a gaping value gap with rivals.
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