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U.S. Cash Products-Gulf Coast gasoline stronger in thin trading

Thu, 22nd Oct 2015 19:08

* Gulf gasoline up in thin trade * NY Harbor differentials firmer * Midwest products mixed, Chicago ULSD weaker on better supply HOUSTON, Oct 22 (Reuters) - - U.S. Gulf Coast cash gasoline differentials rose on Thursdayin thin trade with few sellers participating, traders said. A4 CBOB, or conventional regular gasoline blendstock formulated for blending with 10 percentethanol, traded at 8.00-, 7.75- and 7.50-cent discounts to December RBOB futures, andthen was talked as low as 6.50 cents under, down 2.00 cents per gallon from Wednesday's finish. Conventional M4 gasoline sold at 4.50- and 4.00-cent discounts to futures, up a penny pergallon, traders said. The moves came as a gasoline-making fluid catalytic cracking unit (FCCU) at MarathonPetroleum Corp's 451,000 barrels per day (bpd) Galveston Bay refinery in Texas City,Texas, remained shut because of ongoing compressor and catalyst flow problems.Also, Valero Energy Corp on Thursday reported to regulators a controlled shutdown at its205,000 bpd Corpus Christi, Texas plant for leak repairs in a process unit. However, also on Thursday Royal Dutch Shell said planned work was finished at its316,600 bpd refinery in Deer Park, Texas, and LyondellBasell Industries said an FCCU at its 263,776 bpd Houston refinery had restarted. Traders attributed higher differentials to thin trade, noting that the restarts largelycanceled out fallout from the outages in the well-supplied market. Midwest products were mixed. Chicago CBOB gasoline had buyers bidding 14 cents aboveNovember RBOB for cycle-3 October barrels, while sellers asked 17 cents over. It waspegged at 15 cents above the benchmark late on Wednesday. Chicago ultra-low sulfur diesel (ULSD) continued to slump on improved supply availability,brokers said. Sellers asked 9.00 cents above November ULSD and buyers were bidding 6.00cents above futures. It was pegged at 15 cents over late on Wednesday, off 10 cents fromTuesday. Group Three gasoline had buyers and sellers on either side of 15 cents above November RBOB,two cents below where it was valued late on Wednesday. ULSD was pegged half a cent stronger at1.50 cents above November ULSD. New York Harbor differentials mostly firmed. F4 RBOB was at 0.75 cent above November RBOB,up 0.25 cent from its late-Wednesday peg. M3 gasoline strengthened 0.75 cent to 5.25 cents overNovember RBOB. ULSD gained 0.75 cent to 0.75 cent below November futures. Jet fuel was pegged at 3.50 centsbelow November ULSD, 0.50 cent stronger from its value late on Wednesday. Ethanol Renewable Identification Number (RIN) credits rose a penny to trade at 41.25 centseach, brokers said. Biodiesel credits for 2015 traded two cents higher at 62 cents. For more refinery news, please go to Latest day Timing NYMEX Bid Offer Change Contract U.S. GULF COAST <0#P-USG> * Scheduling A4 CBOB gasoline Cycle 61 RBOB -7.00 -6.50 2.00 M4 conventional gasoline Cycle 61 RBOB -4.25 -3.75 1.00 62-grade ULSD Cycle 59 HO -7.75 -7.25 0.25 54-grade jet fuel Cycle 59 HO -9.00 -8.00 0.00 Heating oil * Cycle 58 HO -15.00 -14.50 0.75 NEW YORK HARBOR <0#P-NYH> M3 conventional gasoline Prompt RBOB 5.00 5.50 0.75 F4 RBOB Prompt RBOB 0.50 1.00 0.25 ULSD Prompt HO -1.00 -0.50 0.75 Heating oil Prompt HO -10.25 -9.75 0.00 Jet fuel Prompt HO -3.75 -3.25 0.50 MIDWEST <0#P-G3> <0#P-MC> Chicago CBOB gasoline Cycle 3 RBOB 14.00 17.00 0.00 Chicago ULSD Cycle 3 HO 6.00 9.00 -6.00 Group Three gasoline RBOB 14.00 16.00 -2.00 Group Three ULSD HO 1.00 2.00 0.50 (Reporting by Kristen Hays in Houston and Robert Gibbons in New York; Editing by Alan Crosby)

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