US Cash Products-Chicago diesel down, gasoline higher

Sat Mar 10, 2012 12:18am IST

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* Chicago diesel tumbles on drop in demand

* New York heating oil, RBOB strengthen

* Gulf Coast shrugs off Mississippi refinery snag

NEW YORK March 9 (Reuters) - The Chicago refined products cash markets were a mixed bag on Friday, with diesel tumbling and gasoline rallying.

Chicago ultra-low sulfur diesel fell 7.50 cents a gallon as demand waned and refiners injected more of the product into the market, traders said.

Cycle 2 ULSD traded between 20.00 and 15.00 cents under the April heating oil futures contract on the New York Mercantile Exchange.

Gasoline in Chicago, however, rose 2.50 cents to 10.00 cents under the April NYMEX RBOB gasoline futures contract, after barrels of the higher Reid vapor pressure, transitional-grade were said to be in tight supply, traders said.

March's third cycle, featuring the lower RVP gasoline, will start trading next week. It was pegged at 7.00/5.00 cents under, said traders.

Modestly cooler weather in the U.S. Northeast and "bargain-basement" differentials boosted the market for prompt heating oil on Friday, after a cold front moved temperatures down to more seasonal levels in the region, traders said.

Prompt heating oil was called a quarter cent stronger at 2.00/1.50 cents under in limited, pre-weekend trade.

Any-March barrels were steady and talked at either side of 1.00 cent under.

Other distillate markets were also steady, with both ULSD and jet fuel pegged at either side of 6.00 cents over.

The gasoline market in the Harbor edged higher as traders continued to clean up winter-grade, higher-RVP positions ahead of the end-of-the-month switch to transitional, mid-RVP material.

Prompt F4 RBOB was pegged at either side of 26.50 cents under, up 0.50 cent, while prompt M4 conventional gasoline was called 23.75/23.25 cents under, up a half cent.

In the Gulf Coast, cash markets ignored the shut down of units at Chevron Corp's 330,000 barrel-per-day Pascagoula, Mississippi, refinery and traded close to levels seen on Thursday.

Summer-grade gasoline traded at 19.00/18.25 cents under, about 0.40 cent lower, traders said.

Gulf Coast ULSD was steady at 2.75/3.25 cents over.

For more refinery news, please go to

U.S. GULF COAST

Cycle 16 M2 gasoline slipped about 0.40 cent a gallon to 19.00/18.25 cents under April RBOB futures.

Cycle 15 61-grade ultra-low sulfur diesel was seen done at 2.75/3.25 cents over the April heating oil screen, up half a cent.

Cycle 15 54-grade jet fuel was a quarter cent higher at 2.25 cents over.

Heating oil for Cycle 15 fell back 0.10 cent to 4.85 cents under.

NEW YORK HARBOR

Prompt heating oil was talked at 2.00/1.50 cents under, up a quarter cent, while any-March barrels were talked modestly weaker at either side of 1.00 cent under.

Prompt and any-March low sulfur diesel were pegged at 0.75/1.25 cents over, unchanged.

Prompt and any-March ULSD were called 5.75/6.25 cents over, unchanged.

Prompt and any-March jet fuel were talked at either side of 6.00 cents over, unchanged on the day.

March kerosene was pegged at 10.50/11.50 cents over.

Prompt F4 RBOB was called 26.75/26.75 cents under, up 0.50 cent, while any-March barrels were talked at either side of 26.00 cents under, unchanged.

Prompt M4 conventional gasoline was pegged at 25.00/24.50 cents under, up a half cent, while any-March material was called either side of 24.50 cents under, unchanged.

MIDWEST

Cycle 2 Chicago gasoline jumped 2.50 cents to 11.00/9.00 cents under.

Chicago ULSD dipped by 7.50 cents to 20.00/15.00 cents under April heating oil futures.

Group Three gasoline fell a half cent to 19.00/18.00 cents under, while ULSD was seen flat at 1.50/0.50 cents under April futures.

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