Last checked at * Gulf Coast A4 CBOB gasoline up 1.50 cents/gallon * Chicago diesel up a cent per gallon * New York Harbor market shrugs off RBOB rally NEW YORK, Jan 30 (Reuters) - Gulf Coast gasoline differentials rose onWednesday after U.S. government data showed a drop in regional inventories lastweek, traders said. A4 CBOB differentials in the Gulf gained 1.50 cents per gallon to trade at23.00 cents under March RBOB futures on the New York Mercantile Exchange (NYMEX)while conventional M4 gasoline climbed 1.25 cents to 18.25 cents under Marchgasoline futures, traders said. In a weekly data release, the U.S. Energy Information Administration (EIA)said Gulf Coast gasoline stocks fell by 716,000 barrels in the week to Jan. 25,contributing to an overall 956,000-barrel drop in U.S. gasoline stocks. Gulf Coast ULSD differentials were higher on Wednesday as traders focused ona new five-day lifting cycle that switched to trade against March NYMEX heatingoil futures. ULSD was done at 1.00, 1.25 and 1.50 cents over, up from 2.25 cents underFebruary futures on Tuesday when the previous cycle scheduled to move on theColonial Pipeline. In the Midwest, Chicago diesel differentials rose a cent a gallon to1.50/0.50 cents under the March heating oil futures contract as demand for thefuel rebounded. EIA data showed last week's four-week average demand for distillate fuel oilrose by 3.4 percent from the previous week to 3.41 million bpd. Chicago CBOB gasoline continued its slide lower, down 1.50 cents a gallon onWednesday to 21.00/20.00 cents under futures as a buyer exited the market,traders said. New York Harbor markets largely shrugged off an end-of-month run-up in RBOBfutures as gasoline differentials held steady. Prompt F5 RBOB gasoline was talked 0.50 cent per gallon under to even withRBOB futures, half a penny higher than Tuesday, traders said. In the distillates market, jet fuel was talked a half cent a gallon lower at14.00 cents per gallon over February heating oil futures, traders said. It hadfallen 2.00 cents in Tuesday's trading. The weekly EIA data also showed that U.S Midwest gasoline inventories fellby 278,000 barrels last week. East Coast gasoline inventories, on the other hand, rose by 1.24 millionbarrels in the same period as imports into the region jumped by 196,000barrels-per-day to 609,000 bpd. U.S. distillate stocks fell by 2.3 million barrels to 130.62 million, drivenby a drop of 1.03 million in the East Coast region and 1.06 million in theMidwest, EIA said. Gulf Coast distillate stocks fell by 125,000 barrels. U.S. refinery utilization rose by 1.4 percentage points to 85 percent lastweek on a 2.78-percentage-point increase in Gulf Coast refinery utilization asMotiva Enterprises began production from its new 325,000 bpd crude distillationunit. Midwest refinery utilization slipped by 0.5 percentage point to 88.3 percentlast week, reflecting the shutdown and subsequent restart of units at BP-Husky's , 135,000 bpd Toledo, Ohio refinery and the small crudedistillation unit at BP Plc's 337,000 bpd refinery in Whiting, Indiana. East Coast utilization fell by 1.8 percentage points to 82.2 percent. For more refinery news, please go to Latest day Timing NYMEX Bid Offer Change Contract U.S. GULF COAST <0#P-USG> * Scheduling M4 conventional gasoline Cycle 7 RBOB -18.50 -18.00 1.25 61-grade ULSD Cycle 7 HO 1.00 1.50 1.50 54-grade jet fuel Cycle 7 HO 7.50 8.50 0.00 Heating oil Cycle 7 HO -5.25 -4.75 0.00 NEW YORK HARBOR <0#P-NYH> M4 conventional gasoline Prompt RBOB 2.75 3.25 0.00 Any-Month RBOB 2.75 3.25 0.00 F5 RBOB Prompt RBOB -0.50 0.00 0.50 Any-Month RBOB -0.50 0.00 0.50 ULSD Prompt HO 4.75 5.25 0.00 Any-Month HO 4.75 5.25 0.00 Heating oil Prompt HO 0.75 1.25 0.00 Any-Month HO 0.75 1.25 0.00 Jet fuel Prompt HO 13.75 14.25 -0.50 Any-Month HO 13.75 14.25 -0.50 MIDWEST <0#P-G3> <0#P-MC> Chicago CBOB gasoline Cycle 1 RBOB -21.00 -20.00 -1.50 Chicago ULSD Cycle 1 HO -1.50 -0.50 1.00 Group Three gasoline RBOB -19.50 -19.00 -0.25 Group Three ULSD HO -2.75 -2.25 0.25 (Reporting by Selam Gebrekidan, Kristen Hays and Cezary Podkul; Editing byGrant McCool and Bob Burgdorfer)
2 Apr 2024 08:55
