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US Cash Products-Chicago gasoline lower on cycle change
July 16, 2012 / 5:53 PM / 5 years ago

US Cash Products-Chicago gasoline lower on cycle change

* Chicago gasoline lower as trade focuses on new cycle
    * Harbor gasoline down in thin trade
    * Gulf gasoline steady to slightly higher

    HOUSTON, July 16 (Reuters) - Chicago gasoline differentials traded notably
lower on Monday as traders focused on a new cycle.
    Cycle 3 CBOB gasoline in Chicago was 6.00 cents per gallon lower than
Friday's levels, bid at 20.00 cents under the August RBOB gasoline futures
contract on the New York Mercantile Exchange (NYMEX) and offered at 16.00 cents
under, traders said.
    Chicago ultra-low sulfur diesel also fell on the cycle change, down 4.00
cents a gallon to 3.00/4.00 cents over NYMEX heating oil futures.
    The slide was supported by Marathon Petroleum Corp's confirmation
that it is restarting units at its 206,000 barrels-per-day refinery in Robinson,
Illinois after maintenance on unspecified units that started in early June.
 
    Differentials shrugged off news of an upset at Exxon Mobil's 238,600
barrels-per-day refinery in Joliet, Illinois. Exxon reported flaring related to
"equipment overpressure" in a filing with the state regulator but declined to
provide further details. 
    In the New York Harbor market, prompt RBOB gasoline traded a cent a gallon
lower at 14.25 cents over NYMEX RBOB gasoline then fell another penny per gallon
to 15.25 cents over futures in thin trade.
    RBOB gasoline for any-month delivery was seen a quarter cent stronger at
6.75/7.00 cents over futures.
    Cycle 38 conventional M2 gasoline traded about 1.50 cents a gallon lower at 
5.50/4.50 cents under August futures.
    In the distillate markets, ultra-low sulfur diesel fell 2.00 cents a gallon
to 10.75/11.25 cents over August heating oil futures on the NYMEX as demand fell
in the region, traders said.
    On the Gulf Coast, gasoline markets were steady to higher on Monday, traders
said. Differentials for A2 CBOB formulated for blending with 10 percent ethanol
were flat at 27.00 cents under August RBOB futures on the NYMEX, while
conventional M2 gasoline gained half a cent per gallon to 18.00 cents under,
traders said.
      
    For more refinery news, please go to 
    
                                                       Latest day      
                                 Timing      NYMEX     Bid     Offer   Change
                                             Contract                  
 U.S. GULF COAST <0#P-USG>   * Scheduling                              
 M2 conventional gasoline        Cycle 41    RBOB      -18.25  -17.75   0.50
 61-grade ULSD *                 Cycle 40     HO        7.00    7.50    0.00
 54-grade jet fuel               Cycle 41     HO        9.50   10.50    0.00 
 Heating oil                     Cycle 41     HO       -4.00   -3.50    0.00
  
 NEW YORK HARBOR <0#P-NYH>                                                
 M2 conventional gasoline         Prompt      RBOB        -2.00   -1.50    0.00
                                  Any-Month   RBOB        -6.00   -4.00    0.00
 F2 RBOB                          Prompt      RBOB        14.00   15.00   -1.00
                                  Any-Month   RBOB         6.75    7.00    0.25
 ULSD                             Prompt      HO          10.75   11.25   -2.00
                                  Any-Month   HO          10.75   11.25   -2.00
 Heating oil                      Prompt      HO           0.00    1.00   -0.25
                                  Any-Month   HO           0.00    1.00   -0.25
 Jet fuel                         Prompt      HO          14.00   15.00    0.00
                                  Any-Month   HO          14.00   15.00    0.00
    
 MIDWEST <0#P-G3> <0#P-MC>                                                
 Chicago CBOB gasoline            Cycle 3     RBOB        -20.00  -16.00  -6.00
 Chicago ULSD                     Cycle 3     HO           3.00    4.00   -4.00
 Group Three gasoline                         RBOB        -2.00   -1.00    1.00
 Group Three ULSD                             HO          12.00   13.00   -0.75
 
 (Reporting by Kristen Hays in Houston and Selam Gebrekidan in New York)

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