Chicago CBOB Basis Dips 4cts as Physical Pressure Mounts


   
Barani Krishnan
DTN Refined Fuels Market Reporter

   SECAUCUS, NJ (DTN) -- Chicago CBOB basis extended its decline Thursday 
(9/24) for a second straight day as refinery operations recovered from recent 
disruptions, raising expectations for improved supply.

   Chicago CBOB basis fell 4cts to a 30cts gallon discount to the October NYMEX 
RBOB futures contract from 26cts discount reported Wednesday (9/23), DTN price 
data showed.

   In contrast, Buckeye Complex CBOB basis held flat at a 25cts discount 
against the same benchmark, unchanged from Wednesday's level. Wolverine CBOB 
basis slipped 1 cent to a 22cts discount versus the October NYMEX RBOB 
contract, compared with a 21cts discount in the prior session.

   In the Midcontinent, the Group 3 CBOB basis eased 1.5cts to stand at a 
discount of 9cts to the same futures benchmark, compared to Wednesday's 7.5cts 
discount.

   The cash market weakness for CBOB came as traders weighed operational 
progress at regional refining assets against weekly EIA supply data. PADD 2 
gasoline stocks fell 500,000 bbl during the week ended September 18 to 43.6 
million bbl, while regional gasoline imports decreased by 11,000 bpd to average 
7,000 bpd.

   NYMEX October RBOB futures contributed to Thursday's spot market weakness, 
retreating $0.0218 to end the session at $3.5652 a gallon.




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