Houston Gasoline Basis mostly Stronger with Low SE Stocks


   
   CRANBURY, N.J. (DTN) -- Basis values for gasoline at the Houston origination 
point for the Colonial Pipeline mostly strengthened Wednesday in uncommitted 
trade, strengthening 125 points or more in limited dealmaking as inventory in 
PADD 1C sunk to a 17-month low.

   The Energy Information Administration midmorning reported a 1.656 million 
bbl or 7.1% drawdown in PADD 1C Lower Atlantic gasoline inventory during the 
week ended April 19 to 21.785 million bbl -- the lowest regional stock level 
since mid-November 2022. Inventory is down 8% year on year.

   The draw in the southeast offset a 1.7% build in PADD 3 gasoline inventory, 
with EIA reporting stocks up 1.488 million bbl to 85.929 million bbl, 2.194 
million bbl or 2.6% above the comparable week year prior.

   CBOB basis at Houston was assessed last at a 28.5cts discount to June RBOB 
futures on the New York Mercantile Exchange, gaining 175 points in cash 
differential. RBOB was assessed at a 9.5cts futures discount for a 125-point 
gain in basis, with conventional regular 200 points stronger on the session 
with a 16.5cts discount to June RBOB futures.

    

    

   Brian L. Milne, 1.732.768.0260, brian.milne@dtn.com, www.dtn.com.




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