Midwest CBOB Basis Rebounds on PADD 2 Stock Tumble


   
Barani Krishnan
DTN Refined Fuels Market Reporter

   SECAUCUS, NJ (DTN) -- Midwest CBOB differentials to NYMEX RBOB for June rose 
Wednesday (5/6) as weekly data showed the region's gasoline stocks at a 
four-month low.

   A tumble in gasoline futures, which followed by other NYMEX markets lower on 
reports that the U.S.-Iran war could end soon, also led to a spike in CBOB's 
basis across the Midwest.

   The sharpest move upward was on the Wolverine Pipeline, where the 
differential rose 20cts to reach a premium of 35cts gallon over June NYMEX 
RBOB. That was the highest premium for Wolverine CBOB since the April 30 level 
of 44cts gallon, DTN data showed.

   The Buckeye Storage Complex in northern Indiana witnessed a 9cts hike from 
the prior session to a premium of 17cts gallon.

   In Chicago, the basis moved for CBOB moved up by 6cts on the day to also 
trade at 17cts gallon over NYMEX RBOB for June.

   Midwest gasoline inventories declined for the third consecutive week last 
week, falling to their lowest level since mid-December, the U.S. Energy 
Information Administration (EIA) said in data published Wednesday.

   Gasoline stocks in the PADD 2 region fell by 3.4 million bbl to 46.2 million 
bbl during the week ended May 1, the lowest since the week ended Nov. 28, 2025, 
when inventories stood at 44.9 million bbl, the EIA reported.




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