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US Cash Products-Gulf gasoline gains on pre-holiday buying
July 2, 2012 / 6:01 PM / 5 years ago

US Cash Products-Gulf gasoline gains on pre-holiday buying

* Gulf gasoline up on pre-holiday buying, pipeline scheduling
    * Harbor gasoline weaker, ignores refinery deal
    * Group Three markets switch to trade against August futures

    HOUSTON, July 2 (Reuters) - Gulf Coast gasoline differentials showed gains
on Monday on a mixture of pipeline scheduling and pre-holiday buying in a
thinner market with the U.S. Fourth of July holiday falling on Wednesday,
traders said.
    A2 CBOB formulated for blending with 10 percent ethanol climbed half a cent
per gallon to 21.00 cents under August RBOB futures on the New York Mercantile
Exchange (NYMEX), while conventional M2 gasoline gained 1.00 cent per gallon to
10.75 cents under, traders said.
    The latest five-day lifting cycles for both grades were scheduled to move on
the Colonial Pipeline on Monday.
    The same combination of pipeline scheduling and thin pre-holiday trading
helped boost Gulf jet fuel differentials by half a cent per gallon to 7.50/8.50
cents over August NYMEX heating oil futures as well, traders said.
    In the New York Harbor, RBOB gasoline weakened on Monday as buying interest
waned ahead of the holiday and the thin market did not react to news that Sunoco
Inc reached a joint-venture deal with private equity firm Carlyle LP
 to keep the 330,000 barrels-per-day Philadelphia refinery in operation.
 
    RBOB gasoline for prompt delivery in the Harbor fell a cent a gallon to
12.00 cents over the August RBOB gasoline futures contract on the NYMEX.
    Cash RBOB gasoline for delivery on July 10 traded at 10.50/10.75 cents over
futures, down about 0.75 cents a gallon and barrels for delivery on the July 20
were seen slightly weaker at 7.00/7.50 cents over, traders said. Barrels for
any-month delivery fell 1.25 cents a gallon to 7.00 cents over futures.
    Ultra-low sulfur diesel in the Harbor rose a cent a gallon to trade at
12.00/14.00 cent over August heating oil futures.
    Trade was also quiet in the Midwest Chicago and Group Three markets with
many traders out for the holiday week.
    Group Three gasoline and diesel switched to trading against August futures,
with gasoline seen at 1.50 cents over the August gasoline contract and diesel at
13.00/15.00 cents over August heating oil futures.
    Chicago ULSD largely held its late-Friday, 6.00-cent-a-gallon gain and
traded at 7.00/8.00 cents over futures, down only half a cent per gallon.
        
    For more refinery news, please go to 
    
                                                       Latest day      
                                 Timing      NYMEX     Bid     Offer   Change
                                             Contract                  
 U.S. GULF COAST * Scheduling                              
 M2 conventional gasoline *      Cycle 38    JUL RBOB  -11.00  -10.50   1.00
 61-grade ULSD                   Cycle 38    JUL HO     7.75    8.25    0.00
 54-grade jet fuel *             Cycle 38    JUL HO     7.50    8.50    0.50 
 Heating oil *                   Cycle 38    JUL HO     -3.00  -2.50    0.00
                                                                       
    
 NEW YORK HARBOR 
 M2 conventional gasoline        Prompt      AUG RBOB  -3.25   -2.75   1.00
                                 Any-Month   AUG RBOB  -5.50   -5.00   --
 F2 RBOB                         Prompt      AUG RBOB  11.00   13.00   -1.00
                                 Any-Month   AUG RBOB   6.75    7.25   -1.25
 ULSD                            Prompt      AUG HO    12.00   14.00    1.00
                                 Any-Month   AUG HO    12.00   14.00    1.00
 Heating oil                     Prompt      AUG HO     0.25    0.75    0.00
                                 Any-Month   AUG HO     0.25    0.75    0.00
 Jet fuel                        Prompt      AUG HO    12.00   13.00    0.00
                                 Any-Month   AUG HO    12.00   13.00    0.00
 MIDWEST  
 Chicago CBOB gasoline           Cycle 1     AUG RBOB  -6.50   -5.50    0.00
 Chicago ULSD                    Cycle 1     AUG HO     7.00    8.00   -0.50
 Group Three gasoline                        AUG RBOB   1.00    2.00    0.00
 Group Three ULSD                            AUG HO    13.00   15.00    0.00

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