US Cash Products- Mogas down in Harbor

NEW YORK, May 6 (Reuters) - Gasoline differentials eased in the New York Harbor on Tuesday but in the Midwest the motor fuel held strong gains on refiner buying, traders said.

However, outright prices for cash oil products were higher across the board and markets as June NYMEX gasoline and heating oil contracts all hit record highs in lock-step with crude oil futures which jumped to an all time high above $122 a barrel.

"Everybody is just watching the outright numbers," said one New York Harbor trader.

In refinery news, Marathon Oil Corp (MRO.N: Quote, Profile, Research) has completed a turnaround that it started in mid-March at its 192,000 barrel per day refinery in Robinson, Illinois, a company spokeswoman said on Tuesday.[ID:nN06481269] For more refinery news, click [REF/US] The Energy Information Administration releases its latest weekly inventory data Wednesday. Analysts say gasoline supplies were seen down for an eighth week, although the decline may have been small, while distillates were forecast to rise.

"We continue to maintain that with rising seasonal demand, gasoline should see at least one more week of stock draws," noted one market watcher. "After that, it looks as though basis (differentials) would fall with refineries coming on line."

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U.S. GULF COAST <0#P-USG>

Newly prompt regular M2 gasoline for cycle 28 on the Colonial Pipeline traded at 10.25 cents under the June RBOB board, inching up 0.25 cent from Monday.

On distillates, cycle 27 ultra-low sulfur diesel was heard trading at 13.50 cents over the June heating oil contract, losing 1.50 cents from Monday levels as the benchmark contract gained over 5 cents.