March 20, 2012 / 8:22 PM / 5 years ago

US Cash Products-Stock volumes pressure harbor distillates

* Harbor distillates dip on high inventories
    * Fire at PBF plant had little impact on output- sources
    * Gulf Coast ULSD pares Monday gain
    * Chicago distillates rebound following sell-off


    NEW YORK, March 20 (Reuters) - Distillates traded lower in
the New York Harbor on Tuesday due to growing supplies of
heating oil, ultra-low sulfur diesel (ULSD) and jet fuel.	
   Sources said a fire at PBF's Delaware city refinery did not
affect output which further weighed on the market. 	
    Prompt and any-March heating oil were pegged at 2.50/2.00
cents per gallon under the April heating oil futures contract on
the New York Mercantile Exchange (NYMEX), down 0.75 cent on the
day.	
    Prompt and any-March ULSD were traded at 7.25 cents over and
the market was talked at 7.00/7.50 cents over, down 0.75 cent
from eight-month highs.	
    Prompt and any-March jet fuel were called 4.75/5.25 cents
over, down 0.75 cent.	
    Sources said the Friday fire which hit a desulfurization
unit at PBF Energy's 182,000 barrels-per-day (bpd) Delaware
City, Delaware, refinery took out one of the unit's trains but
had little effect on operations. 	
    The warmer-than-normal winter heating season has led to
growing stocks of distillate fuels in the region, which put
pressure on cash markets, traders said.        	
    Harbor gasoline trade ratcheted up as buyers filled
end-of-season winter-grade demand before April trade rolls
around next month, traders said.	
    Prompt F4 RBOB was talked at 17.00/16.50 cents under the
April RBOB futures contract on the New York Mercantile Exchange,
up 2.50 cents, while prompt M4 conventional gasoline was called
16.25/15.75 cents under, up 1.00 cent.	
    On the Gulf Coast, ULSD differentials slipped a penny per
gallon to 5.00 cents over April heating oil futures on the
NYMEX. The slip pared a late-day gain of the same amount on
Monday's news that Valero Energy Corp would shut its
235,000 barrel-per-day (bpd) refinery in Aruba by the end of
March because of poor margins. 	
    Gulf jet fuel climbed half a cent per gallon early Tuesday
to 2.50 cents over April heating oil futures but later fell back
to trade at 2.25 and 1.50 cents over, even with Monday's levels.
Its latest five-day lifting cycle scheduled to move on the
Colonial Pipeline on Tuesday.  	
    Conventional summer-grade M2 gasoline differentials gained a
penny per gallon with deals seen at 15.50, 15.25 and 14.75 cents
under April RBOB futures on the NYMEX as traders focused on a
new five-day lifting cycle. 	
    In the Midwest, Chicago ultra-low sulfur diesel rose 1.50
cents a gallon to 17.00/15.00 cents under futures, rebounding
from its 7.50-cents dip on Monday that was triggered by a sell
off at major trading houses. 	
    Group Three ULSD held to its Monday gains at 2.25/2.75 cents
over April futures.	
    	
    For more refinery news, please go to 	
	
    U.S. GULF COAST 
    Newly prompt Cycle 18 M2 gasoline was seen done at 15.50,
15.25 and 14.75 cents under April RBOB futures, up a penny.  	
    Cycle 17 61-grade ULSD was seen done at 4.95 and 5.00 cents
over the April heating oil screen, down a penny.  	
    Scheduling Cycle 17 54-grade jet fuel was seen done at 2.50,
2.25 and 1.50 cents over, flat with Monday's levels.  	
    Newly prompt Cycle 18 heating oil rose half a cent to
3.75/3.25 cents under.	
    	
    NEW YORK HARBOR 
    Prompt and any-March heating oil were called 2.50/2.00 cents
under, down 0.75 cent.	
    Prompt and any-March low sulfur diesel were pegged at
2.00/2.50 cents over, up 0.50 cent. 	
    Prompt and any-March ULSD were done at 7.50 and 7.25 cents
over and ended the day talked at 7.00/7.50 cents over, down 0.75
cent.	
    Prompt and any-March jet fuel were pegged at 4.75/5.25 cents
over, down 0.75 cent.	
    March kerosene was talked at 10.00/11.00 cents over, down
half a cent, while ultra-low sulfur kerosene was called
11.50/12.00 cents over.	
    Prompt F4 RBOB was pegged at 17.00/16.50 cents under, up
2.50 cents, while barrels loading by March 26-29 were talked at
18.00/17.00 cents under.	
    Any-March F4 RBOB was done at 17.75, 17.50, 16.75 and 17.00
cents under and ended the day pegged at either side of 16.75
cents under.	
    F4 RBOB loading by April 5 was done at 17.25 and 16.25 cents
under May RBOB futures, while F4 RBOB leading by April 10 was
talked at 16.50/16.00 cents under.	
    Ratable April F2 RBOB was talked at flat to 0.40 cent over
May RBOB futures, up a quarter cent, while ratable May F2 RBOB
was pegged at 2.25/2.75 cents over June RBOB futures.	
    Ratable June F2 RBOB was called 2.75/3.25 cents over July
RBOB futures.	
    Prompt and any-March M4 conventional gasoline were pegged at
16.25/15.75 cents under, up 1.50 cents.     	
    	
    MIDWEST  
    Cycle 3 Chicago gasoline rose a half cent a gallon to 5.00
cents under the April RBOB gasoline futures.	
    Chicago cycle 3 ULSD was seen up 1.50 cents a gallon to
17.00/15.00 cents under April heating oil futures.	
    Group Three gasoline was steady at 17.50/16.50 cents under
futures and Group ULSD held flat at 2.50 cents over.

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