May 30, 2012 / 8:03 PM / 6 years ago

US Cash Products-Harbor gasoline up on refinery issues

* Lack of buyers for Petroplus' UK refinery boosts Harbor gasoline
    * Group Three gasoline down on NYMEX RBOB moves
    * Gulf Coast gasoline retreats post-pipeline scheduling

    HOUSTON, May 30 (Reuters) - Prompt gasoline markets in the New York Harbor
climbed on Wednesday on news that bankrupt European refiner Petroplus had failed
to find a buyer for its 108,000-barrels-per-day (bpd) Coryton refinery in
    Petroplus, once Europe's largest independent refinery, failed last December.
Accounting firm PricewaterhouseCoopers has been running the plant since then.
    Prompt May F2 RBOB rose a quarter cent per gallon to 0.75/1.25 cents over
the New York Mercantile Exchange's June RBOB futures contract. Prompt May
high-RVP CBOB was seen done at 8.00 and 7.50 cents under, up 1.00 cent, while
low-RVP CBOB changed hands at 1.00 cent over, up 3.00 cents.	
    Prompt May M2 conventional gasoline gained 1.50 cents to either side of 7.00
cents under. Blenders use M2 material to make CBOB.	
    A barge load of F2 RBOB loading by June 10 was seen done at 7.00 cents over.	
    Any-June F2 RBOB was pegged 3.00 cents stronger at 5.50/6.00 cents over the
July RBOB futures contract, while any-June M2 conventional gasoline was talked
at 9.50/9.00 cents under, up 1.00 cent.	
    In Harbor distillate trade, export talk bolstered ultra-low-sulfur diesel
differentials by a quarter cent per gallon to 6.50/7.00 cents over July NYMEX
heating oil futures, with marketers assembling at least two ULSD Europe-bound
cargoes, traders said. A couple of deals were seen done at 6.75 cents over.	
    Any-June heating oil was called either side of flat to the screen as trading
commenced in the new spot month.	
    In the Midwest, Group Three gasoline differentials fell 2.25 cents a gallon
to 10.00/9.00 cents under the June RBOB gasoline futures contract, reversing
Tuesday's rally as the discount of the NYMEX July futures contract against its
June counterpart rose to 8.25 cents a gallon at midday, traders said.	
    The Group Three market will switch to trading against the July futures
contract on Friday. The spread between the two contracts has risen by about 3.00
cents since Thursday.	
    "It's just trying to digest moves in the RBOB spread," a Midwest trader said
of Wednesday's decline.	
    Talk of supply outages in the region had pushed Group Three gasoline
differentials up by 4.75 cents in the last three trading days.	
    On the Gulf Coast, gasoline differentials fell as traders focused on a new
five-day lifting cycle, partly reversing Tuesday's late-day spikes as the
previous cycle scheduled to move on the Colonial Pipeline.	
    Conventional M2 gasoline slipped 2.25 cents per gallon to 12.25 cents under
July RBOB futures on the NYMEX, while A2 CBOB fell 3.00 cents to 13.25/12.75
cents under, traders said.	
    Gulf ULSD differentials climbed 1.00 cent per gallon to 3.00 cents over
NYMEX July heating oil futures as its latest cycle scheduled on the Colonial,
traders said.	
    For more refinery news, please go to 	
                                                   Latest day      
                             Timing      NYMEX     Bid     Offer   Change
 U.S. GULF COAST * Scheduling                          
 M2 conventional gasoline    Cycle 32    JUL RBOB  -11.75  -11.25  -3.00
 61-grade ULSD *             Cycle 31    JUL HO     2.75    3.25    1.00
 54-grade jet fuel           Cycle 32    JUL HO     4.00    5.00    0.00 
 Heating oil                 Cycle 32    JUL HO    -1.75   -1.25    0.00
 M2 conventional gasoline    Prompt      JUN RBOB  -7.50   -6.50   +1.50
                             Any-Month   JUL RBOB  -9.50   -9.00   +1.00
 F2 RBOB                     Prompt      JUN RBOB   0.75    1.25   +0.25
                             Any-Month   JUL RBOB   5.50    6.00   +3.00
 ULSD                        Prompt      JUL HO     6.50    7.00   +0.25
                             Any-Month   JUL HO     6.50    7.00   +0.25
 Heating oil                 Prompt      JUN HO    -0.25    0.25    0.00
                             Any-Month   JUL HO    -0.25    0.25    0.00
 Jet fuel                    Prompt      JUL HO     9.75   10.25    0.00
                             Any-Month   JUL HO     9.75   10.25    0.00
 Chicago CBOB gasoline       Cycle 1     JUL RBOB  -5.00   -3.00    0.50
 Chicago ULSD                Cycle 1     JUL HO    -1.00    1.00    0.00
 Group Three gasoline                    JUN RBOB  -10.00  -9.00   -2.25
 Group Three ULSD                        JUN HO     2.75    3.25    0.25

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