California, Pacific Northwest Cash Gasoline Basis Weakens
OAKHURST, N.J. (DTN) --- Spot gasoline prices in California and Pacific
Northwest trade hubs declined in dull trade Tuesday afternoon as weaker basis
offset slightly higher New York Mercantile Exchange RBOB futures.
NYMEX May RBOB futures edged up 0.18cts to $2.1316 gallon settlement while
the June contract added 0.55cts to $2.0820 gallon. Spot month ULSD futures rose
1.4cts to $2.1180 gallon settlement and June futures settled up 1.36cts at
About an hour ago, the American Petroleum Institute reported a surprise 2.16
million bbl build in domestic gasoline inventories in the week ended April 19
as gains in Gulf Coast PADD 3, Rocky Mountain PADD 4 and West Coast PADD 5
offset draws in Midwest PADD 2 and East Coast PADD 1.
Sources said API reported PADD V gasoline supply added 169,000 bbl in the
week profiled while PADD 3 stocks gained 2.707 million bbl.
Should Energy Information Administration data on Wednesday reveal a build in
PADD V gasoline stocks, it would mark the first in six weeks and pull supply
off a 16-week low.
In physical trade, Los Angeles May CARBOB was talked 33cts by 37cts over the
June RBOB contract. Spot price declined 0.45cts to $2.4320 gallon.
San Francisco Bay May CARBOB held at a 2cts discount to the basin, down
0.45cts to $2.4120 gallon.
Sources said Pacific Northwest prompt suboctane traded 35cts over the MERC,
down 0.82cts to $2.4816 gallon.
In diesel discussion, prompt ULSD in the Pacific Northwest was valued at
12.25cts premium to May ULSD futures. Spot price rose 1.15cts to $2.2405 gallon.
Bay area prompt CARB ULSD was indexed at an 11.5cts premium to May ULSD
futures, up 0.90cts to $2.2330 gallon.
May CARB ULSD as well as ULSD for export out-of-state in the basin were
talked 11cts over June ULSD futures. Spot prices rose 1.36cts to $2.2302 gallon.
API data showed PADD V distillate supply increased 284,000 bbl in the week
Dawn Gallagher, 1.732.531.4451, firstname.lastname@example.org, www.dtn.com. (c)
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