U.S. Cash Products-Gulf gasoline slips as trading starts for new cycle

* Gulf gasoline lower on cycle change * Midwest differentials mixed * NY Harbor mostly stronger on switches to July benchmark HOUSTON, May 29 (Reuters) - U.S. Gulf Coast cash gasoline differentials werelower on Friday as prompt trade began on a new five-day lifting cycle, traderssaid. A2 CBOB, or conventional regular gasoline blendstock formulated for blendingwith 10 percent ethanol, traded early at a 14.25-cent discount to July RBOB futures, 2.25 cents per gallon lower than the previous cycle's finish onThursday. But A2 partly rebounded with later trades at 14.00- and 13.50-centdiscounts to futures, 1.50 cents per gallon lower, traders said. Gulf heating oil differentials were higher, also on a cycle change, traderssaid. Heating oil was seen at a 17.00-cent discount to June ultra-low sulfurdiesel (ULSD) futures, 1.25 cents per gallon higher than the previouscycle on Thursday. June RBOB and ULSD futures contracts expire on Friday. Both June andJuly RBOB and ULSD futures rallied sharply on Friday, tagging along with thesurge in U.S. and Brent front-month July crude futures. The weaker Gulf gasoline differentials helped temper Midwest values, brokerssaid. Group Three gasoline gained a penny to 9.00 cents below June RBOB, whileChicago cycle-1 June CBOB gasoline fell 1.00 cent to 6.00 cents below July RBOB. Group ULSD fell 2.00 cents to 10 cents below June ULSD, while Chicago ULSDsteadied at even to the July ULSD futures contract. Midwest gasoline differentials were lifted earlier in the week because ofrefinery work, planned and unplanned in the region. Citgo Petroleum Corp on Thursday reported a planned unit shut down at its172,045-barrel-per-day (bpd) Lemont, Illinois, refinery. Industry intelligence firm Genscape had earlier reported that the Citgo unitwas a gasoline-making fluid catalytic cracking unit (FCCU). PBF Energy Inc said on Thursday that a FCCU was shut due to acompressor malfunction at its 160,000-bpd Toledo, Ohio, refinery. Also on Thursday was news that BP PLC and Husky Energy shuta coker unit at their jointly-owned, 160,000-bpd refinery in Toledo, Ohio, forup to two weeks of planned maintenance. Helping ease supply concerns, Genscape said on Friday that Exxon Mobil restarted its FCCU at the Joliet, Illinois refinery. New York Harbor differentials were mostly stronger on the switch of someproducts to trading against weaker July futures from June benchmarks. Also supporting was news that Philadelphia Energy Solutions was stillrunning its main crude distillation unit at limited capacity at its 335,000-bpdrefinery complex in Philadelphia following a fire last week. F2 RBOB traded at 1.40 cents above July RBOB, up about 1.25 cents fromThursday when it was pegged against June futures. M2 conventional gasoline wassteady at 7.00 cents below June RBOB. ULSD edged up 0.25 cent to 0.50 cent above July ULSD and jet fuel gained0.75 cent to 5.50 under. U.S. ethanol credit prices for 2015 slumped on a lower-than-expectedblending quota and biodiesel credits rose as its blending quota was hiked in theU.S. environmental regulator's much-anticipated biofuel blending quotas releasedon Friday. 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 32 RBOB -13.75 -13.25 -1.50 M2 conventional gasoline Cycle 32 RBOB -11.50 -11.00 -0.75 62-grade ULSD Cycle 30 HO -5.00 -4.50 0.00 54-grade jet fuel Cycle 30 HO -11.00 -10.00 0.00 Heating oil Cycle 30 HO -17.25 -16.75 1.25 NEW YORK HARBOR <0#P-NYH> M2 conventional gasoline Prompt RBOB -7.25 -6.75 0.00 Any-Month RBOB -7.25 -6.75 0.50 F2 RBOB Prompt RBOB +1.00 +1.50 1.25 Any-Month RBOB -0.25 0.25 0.25 ULSD Prompt HO 0.25 0.75 0.25 Any-Month HO 0.00 0.50 0.25 Heating oil Prompt HO -12.00 -11.50 0.75 Any-Month HO -12.00 -11.50 0.75 Jet fuel Prompt HO -5.75 -5.25 0.75 Any-Month HO -5.75 -5.25 0.75 MIDWEST <0#P-G3> <0#P-MC> Chicago CBOB gasoline Cycle 1 RBOB -6.25 -5.75 -1.00 Chicago ULSD Cycle 1 HO -0.25 +0.25 0.00 Group Three gasoline RBOB -9.25 -8.75 1.00 Group Three ULSD HO -10.25 -9.75 -2.00 (Reporting by Kristen Hays in Houston and Robert Gibbons and Chris Prentice inNew York; Editing by Diane Craft)