April 5, 2012 / 6:07 PM / 5 years ago

US Cash Products-Gulf Coast gasoline, diesel down on selling

* Gulf Coast gasoline down 1.25 cents/gallon
    * Gulf Coast ULSD down 1.75 cents/gallon
    * Chicago gasoline down 2.00 cents/gallon
    * Harbor gasoline mixed in pre-holiday trading

    NEW YORK, April 5 (Reuters) - Gulf Coast gasoline and
ultra-low sulfur diesel differentials fell sharply on Thursday
in a flurry of selling ahead of the U.S. Good Friday holiday as
buyers, many of whom have already wrapped up this week's deals,
left the market early, traders said.	
    Conventional M2 gasoline differentials slipped 1.25 cents
per gallon to 12.00 cents under May RBOB futures on the New York
Mercantile Exchange (NYMEX), more than paring Wednesday's 0.75
cent gain on news of planned work at Exxon Mobil Corp's 
344,500 barrels-per-day (bpd) refinery in Beaumont, Texas. 
 	
    Gulf gasoline markets also shrugged off news of a few hours
of planned work Thursday on a fluid catalytic cracking unit at
BP Plc's 406,570 bpd refinery in Texas City, Texas.
 	
    Gulf ULSD differentials fell by 1.75 cents per gallon, both
on pre-holiday selling and an expected decline as traders
focused on a new five-day lifting cycle the day after the
previous one scheduled to move on the Colonial Pipeline.	
    In the Midwest, Chicago gasoline lost another 2.00 cents a
gallon and was bid at 32.00 cents under May RBOB gasoline
futures and offered at 28.00 cents under futures, as the cycle
changed and two refiners continued selling, traders said.	
    The selloff followed a weekly government report that showed
Midwest refineries ran 92.3 percent of their capacity last week,
compared with the 88.3 percent of capacity that was utilized in
the same week last year.	
    Differentials were also pulled lower by the crack spread
between RBOB gasoline and U.S. crude futures
contracts on the New York  Mercantile Exchange, which had hit a
record high above $40 a barrel on Wednesday but receded to
$35.74 a barrel at midday on Thursday.	
    The New York Harbor gasoline market was mixed on Thursday,
with RBOB differentials rising and conventional gasoline spreads
falling back as traders wrapped up business before the three-day
Easter holiday weekend.	
    Prompt winter-grade F4 RBOB jumped 2.00 cents per gallon to
7.50/7.00 cents under the May RBOB futures contract on the New
York Mercantile Exchange as a handful of small parcels were
done.	
    Prompt summer-grade M2 conventional gasoline, meanwhile,
edged lower by a quarter cent to flat to 0.50 cent over.	
    Harbor distillate markets saw prompt heating oil firm by a
quarter cent to either side of 1.00 cent over the April heating
oil futures contract on NYMEX.	
    Prompt ultra-low sulfur diesel was called 9.00/9.50 cents
over, up a quarter cent in thin trade.	
    	
    For more refinery news, please go to 	
	
    U.S. GULF COAST 
    Cycle 21 M2 gasoline was seen done at 12.00 cents under May
RBOB futures, down 1.25 cents.	
    Newly prompt Cycle 21 61-grade ultra-low sulfur diesel was
seen done at 5.00 and 5.25 cents over the May heating oil
screen, down 1.75 cents.	
    Cycle 21 54-grade jet fuel was flat at 5.50/6.50 cents over.	
    Scheduling Cycle 21 heating oil gained a quarter cent to
3.00/2.50 cents under.	
    	
    NEW YORK HARBOR 
    Prompt M2 conventional gasoline was called flat to 0.50 cent
over, down a quarter cent, while any-April material was talked
at 4.00/3.50 cents under, also down a quarter cent.	
    Prompt F4 RBOB was pegged at 7.50/7.00 cents under, up 2.00
cents, while prompt F2 RBOB was talked at 6.75/7.25 cents over,
up 1.00 cent.	
    Any-April F2 RBOB was called either side of 7.00 cents over,
unchanged.	
    Prompt heating oil was pegged at 1.25/0.75 cents under, up a
quarter cent, while any-April heating oil was talked at 0.50
cent under to flat to the screen, up 0.75 cent.	
    Prompt and any-April low sulfur diesel were called 3.00/4.00
cents over, up a quarter cent.	
    Prompt ULSD was talked at 9.00/9.50 cents over, up a quarter
cent, while any-April ULSD was pegged at 7.25/7.75 cents over,
also up a quarter cent.	
    Prompt and any-April jet fuel were called 8.50/9.00 cents
over, unchanged.         	
    	
    MIDWEST  
    Chicago cycle 2 gasoline fell 2.00 cents a gallon and was
bid at 32.00 cents under futures and offered at 28.00 cents
under.	
    Chicago cycle 2 ULSD fell a half cent to 0.50 cents a gallon
to trade at even to the May heating oil futures contract.	
    Group Three gasoline rose a cent a gallon to 21.00/19.00
cents under futures.	
    Group ULSD lost a quarter cent and was seen at 4.50 /5.00
cents over futures.

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